Many online gamblers pay little or no attention to online gambling regulations even though they frequently engage in online casino games. If the gambling sector was regulated uniformly across the world, that is something you wouldn’t have to pay much attention to.
Unfortunately, that is not the case, and online gambling regulation is something you should pay critical attention to as a player. A couple of years back, the online gambling industry had not grown as much, but that has since changed. Today, it is a multi-billion industry that is rapidly growing, offering governments the ideal opportunity to raise revenue.
Most lawmakers were undoubtedly not prepared for the unprecedented rise of the online gambling sector. As a result, it has taken quite a while for many countries to regulate online gambling, and many governments are still working on passing the regulations. However, some countries still rely on outdated gambling laws, which has made it challenging to regulate online gambling on a global spectrum.
Generally, the global landscape of online gambling has taken major milestones over recent years. But, we still have a long process remaining to consider online gambling a well-regulated sector on a global scale.
Why is online gambling regulation necessary?
Playing at online gambling sites such as the Sloto Cash online casino means entrusting a third party with your money. Millions of players worldwide deposit money with online casino accounts every day, but few of them know the identities or companies behind these brands.
This is why online gambling regulation is critical. Players need the assurance that they are dealing with reputable organizations. Online gambling regulations are vital to ensure that online gambling sites operate lawfully, ethically and that gamblers are safe and fairly treated.
Unlike gambling in brick and mortar casinos where you can interact with your dealer or access the casino operator, online casinos involve faceless identities. Unless the casino has a valid license to operate, you never know who you are dealing with.
Online gambling regulation ensures that all online gambling sites adhere to all the laws they are subject to and do not engage in unethical practices. For instance, online gambling jurisdictions caution against money laundering and discourage underage gambling. Most of them require adverts to be truthful and not mislead players. Online casinos are also required to protect player deposits, have transparent terms and conditions, and pay out winnings within a reasonable time frame.
If every online gambling site met the above criteria, the online gambling platform would be safe for players. Unfortunately, many rogue online gambling sites target the ignorant player, so online gambling regulation is imperative.
However, there is a big challenge. No single jurisdiction oversees online gambling globally, which makes it easy for rogue gambling sites to operate. They can easily set up in regions where gambling regulation is not strict and operate easily. That is why every player needs to be vigilant when signing up for online gambling sites.
The only way to enhance online gambling regulation is to play at licensed casinos by first checking what jurisdiction a casino is subject to before signing up.
Popular online gambling jurisdictions
Understanding how online gambling regulation works means first understanding the basics of online gambling jurisdictions. It involves regions whose governments have passed specific laws that permit casino operators based there to provide online gambling and betting services. That means such online gambling sites can operate with the full legal backing of the law.
There are several well respected online gambling jurisdictions worldwide, and some of the biggest casinos and gambling brands are based in these regions. The most popular ones include but not limited to:
- Antigua and Barbuda
- Costa Rica
- Isle of Man
These jurisdictions usually have specific licensing authorities that regulate online gambling companies. Therefore, gambling operators wishing to obtain their licenses must meet particular requirements. Some of these requirements include:
- The credibility of accounting procedures.
- Suitability of gambling company owners.
- Have prevention measures against underage gambling.
- Have measures to deal with gambling problems such as addictions.
- Fairness of gambling games.
- Have measures to solve the player’s complaints.
What to expect of online gambling regulation in the future
We can expect more countries to update, refine or pass new laws that deal solely with online gambling. Many countries still rely on outdated gambling laws. Given the transformation the industry has undergone over the last couple of years, it is challenging to still use such confusing laws.
On a global scale, it is still not easy to predict the future of online gambling regulation. The best way would be to have an international jurisdiction that regulates all online gambling sites to subject them to the same licensing requirements. That would make it easier to determine what casinos and other gambling sites meet the requirements to operate. However, that is not possible for now since different governments have different laws regulating their gambling industry.
We also hope that governments worldwide will find better ways of dealing with gambling problems rather than banning gambling altogether. Making gambling illegal results in more problems since players always find a way to gamble in unregulated sites if it is illegal where they live.
Regulation of the online gambling industry is vital to protect online gamblers. Again, players will only benefit from online gambling regulation if they play at licensed gambling sites. It is crucial to check the jurisdiction.