When it comes to online gambling, one will not find gamblers who understand the regulation and legal aspects of it. And it is not a surprise. Many of the folks invested in the online casino are primarily focused on winning some cash, using their knowledge or luck, and are simply looking to have a good time. And thinking about how the online gambling industry is regulated is not a fun way to do either of those things. But while it is not something that one would be particularly interested in, they should be aware of the rules and regulations that govern the region they reside in and whether or not the platform they are using to place their bets is following such regulations or not. Casinos, be it physical or online, need to operate under a set of rules and regulations; otherwise, they are not allowed to operate. This not just ensures that the casino is a legitimate business entity but also whether or not they operate in a fair manner.
WHY ARE ONLINE GAMBLING REGULATIONS IMPORTANT?
In cases of physically located casinos, one can even ignore the need to learn about their rules and regulations, as it is likely that the authorities are already aware of them. But such is not the case with online casinos. It is difficult for one to know whether or not the online casino they are using is genuine or not. In a sense, you are entrusting your money to ‘faceless entities’ that you do not actually know about. This is why rules and regulations are essential in the online gambling industry.
ONLINE GAMBLING REGULATION ENSURES THAT –
- The gambling site an individual is making use of is a legal entity and operating lawfully in the region
- The gambling site in question is operated ethically by parties involved
- The safety of the gamblers, their person as well as their data
These are just some of the reasons why one must be aware of the regulations governing the online gambling industry. The online sites have to have countermeasures against money laundering underage gambling and should have transparent terms and conditions. There should also ensure that the gamblers stand a fair chance of winning.
But not every gambling site follows these practices to the letter, which is why there is a need for regulations in the online gambling industry.
DIFFERENT REGULATIONS IN DIFFERENT REGIONS
There is no doubt that the online gambling industry is still in its infancy. We have only started to make use of the potential that the internet and its reachability provides. And since the online gambling industry is still in its infancy, the laws governing it are at the same stage. In fact, if one looks closely enough, one will find that there is not a single all-powerful body that governs the regulations of the online gambling industry. This is simply why when it comes to online gambling, you will find different regulations that online casinos have to follow when operating in different regions. It is also the case for casinos that operate in several countries as well. Take an example of an online casino that is operating in both US and Malaysia. Since there is not a single global body that is responsible for the regulation regarding their operation, the casino has to follow the local laws regarding online gambling in the respective casino region. This is why you will find the online casino site operating in Malaysia following different rules and regulations than the US one.
THERE WILL PROBABLY NEVER BE A GLOBAL GAMBLING BODY.
Even though the emergence of online casinos has made it possible for one to try and win some money online from the comforts of their home, we still would never see a centralized global regulatory body when it comes to online gambling. The reasons for that are simple enough. No two countries have the same local laws regarding gambling. In some countries, the practice of gambling is completely banned, and in some, it is heavily restricted. And even if one ignores the aspect of the practice of gambling in a country, no country would like to lose its autonomy to a global body. This is why we now see several different local laws and regulations that online casinos follow to the letter if they want to continue providing their services in the region. In addition, online casinos have to register themselves with the local government authorities so they can operate their online casino sites without any hassle.
PRO & CONS
There are both pros and cons to this. In the absence of a unified governing body creating laws and regulations, governments need some way to regulate how the online casino market is handled in the county. They need to ensure that not only the entity is operating legally and make use of ethical practices, but in tandem, they need to protect the rights of their citizens as well. Furthermore, such regulations allow one to sue online casino sites if they have been defrauded by the online casino site. So, while it is a hassle, regulation is essential in the online gambling industry. Otherwise, fake online casino sites would go unchecked, defrauding people left and right.
On the other hand, it limits the options one has in the online gambling market. The purpose of online casinos is to provide people at home an opportunity to gamble and win some money from the comforts of their homes. If the site they are interested in gambling their money with is not legally eligible to operate in their country of residence, there is not much one can do in this regard. In an ideal world, one does not have to look for the local laws when it comes to online gambling and would be free to gamble wherever they want. But that is not the case. It is, as the saying goes – it is what it is. Now, understand regulations first and play casino like a pro.