Today, players have far greater peace of mind playing online compared to decades ago, as online gambling gains social acceptance and federal regulation. The legality of the games or the safety of their identity and cash are no longer concerns for online casino players. Nevertheless, online gambling regulations still have a long way to go as there are no international regulatory frameworks in place.
The laws governing online gambling differ greatly from country to country, just like those governing land-based casinos. As of now, over 39 countries have completely banned online gambling especially online casinos. While over 60 countries allow online casino gambling without proper government licenses. This is not safe and healthy for the player as anything can happen at any time and they’re at a greater risk of loss.
If you enjoy online gaming or betting, we will explain why it's important to understand the regulation and how casinos are regulated.
Why Regulation for Online Gambling is Important?
When betting and gambling online, money is entrusted to companies that are often third parties in the system. Gambling sites all over the world accept deposits from people, but very few of them are aware of the people or companies behind handling the business operations. This is the point where regulation in the gambling industry is needed. People must know that they can deposit their money securely, knowing that they are dealing with reputable organizations.
Purpose of Online Gambling Regulation
There are three main purposes of online gambling regulation and they are;
- To ensure the safety and fair treatment of online gamblers
- The operation of gambling sites should be ethical
- To ensure gambling sites are legally operated
Online gambling provides a plethora of games, including Bet365 games. As a result, all gambling sites must adhere to all laws under which they operate to ensure fair gameplay. They should all be committed to ethical activities and take measures against money laundering, underage gambling, and misleading advertising. In addition to protecting customer deposits, sites should also have clear terms and conditions.
Each customer should have a fair chance of winning, and any winnings made should be credited to the customer's account within a reasonable timeframe.
Those who want to bet and play for real money online would feel much safer if every gambling site met these requirements. Unfortunately, that is not the case. This is why regulation is so crucial. All sites must meet this criterion and if they don't, they shouldn't operate.
In the end, it's hard to stop rogue sites from doing what they want. Online gambling is not regulated in every country, so sites can operate wherever they want, without being subject to strict laws or regulations.
Fortunately, the rogue sites are in the minority. Most sites are based in regions where appropriate laws and regulations apply, so they are safe to use. Despite this, the existence of even a few rogue sites is still a concern, so users should keep this in mind when signing up at any website.
How Online Gambling Sites are Regulated
Since there’s an absence of a global body to govern the affairs of the gambling industry because there are many different parties in disagreement, the laws governing the industry differ depending on the region you find yourself in. There are countries around the world that strictly prohibit the activity while there are other countries that allow it fully. It is even worse in some parts of the world because of confusing laws.
Note that, at least in most regions, local laws generally target those who operate gambling sites rather than those who use them. The majority of countries do not have laws that explicitly forbid individuals from playing poker for real money online, or making bets on the internet.
Laws like these in the US can indeed be confusing, causing certain uncertainty. However, one needs to be sure of where they’re investing their money before they do it. For a site to be regulated, it will depend on the jurisdiction where the online site company is located and the type of services they offer. The following requirements are the normal things regulatory bodies look out for before regulating an online casino site;
- Accounting operations
- Underage gambling prevention
- Fairness of game
- Suitability of executives and owners
- Working on Customer complaints and
- Handling problematic gamblers
If all of these factors are met by any online gambling site, then the regulatory body in their region will give them an operating license that certifies them as legit business people. If none of these is unavailable for sites within the regulatory region, they will not be regulated and playing on that site is at the owner’s risk.
There can be no way to predict how regulation of online gambling will develop in the future. To address the issue of regulation, a new organization should be established that would govern the industry worldwide. By doing so, we would be able to determine which sites meet the necessary criteria for being considered trustworthy. Things would be much easier if every site adhered to the same set of strict rules.