When it comes to rules and regulations, there are many sectors, industries, and products that are subject to a wide range of established guidelines and restrictions. From alcohol to animal breeding and everything in between, regulatory bodies compose and install rules and laws that are both important as well as far-reaching. In the world of gambling, regulations are strict and have been for many years, strengthening as time has gone on and evolving to address new challenges that emerge from the growing sector.
According to recent figures, and easily seen by looking at the billion-dollar industry growth and popularity, gambling is something that is enjoyed not only by millions around the world but is done so responsibly. That said, as with anything from alcohol to sports betting, there will be a minority for whom the problem of addiction becomes serious.
As previously proffered, gambling for the majority of those who enjoy it is a pastime they do within their limits and do so responsibly, but does this mean it is regulated enough to protect? Whether it is playing online Bitcoin casino games or indulging in high-end poker games in a storied Las Vegas Casino, the opportunities to gamble are accessible and round-the-clock.
But with the dawn of online betting, online casino gameplay, and the ability to bet online round the clock on any sports event or platform available, have the regulatory bodies, be they national or international, kept up with the real-time landscape of gambling online? When we look at the current situation, that is not necessarily an easy question to answer.
Global Accessibility for Gambling Makes Regulating Complicated
With the emergence and exponential growth of online casino sites, apps, and platforms and the ability to use mobile devices to play and place bets anytime, anywhere, and on virtually any sporting event, it was inevitable that regulating players and users was going to become more challenging for gaming and legal authorities. As with any global online sector, creating rules and laws is one thing, but effectively and consistently policing them is another challenge entirely.
When cryptocurrencies were first introduced, and as they continue to push toward the mainstream in terms of the possible transactions open to digital currencies online, the same problem arose; how do we regulate and enforce those laws? It is impossible to deny that online gambling has made placing bets and playing casino-style games more accessible than ever. What is also axiomatic is the fact that the more accessible gambling has become, the more players and users are engaged with it, making regulation more difficult. This is also complicated by the fact that from nation to nation, the restrictions can differ.
As far as options go, this means that online casino and gambling companies can either adopt internationally regulated laws or as happens in some cases, ban access to their platforms across certain regions to ensure the laws cannot be breached. Whichever of these roads are taken, and although the international gambling regulators do an overall good job in installing and enforcing these laws, it would be impossible to make them beyond breakable or ensure that every single user is monitored and regulated on an individual basis. With that in mind, global gambling companies are continuing to up their game and bake in technical mechanisms that help keep their platforms regulated and tight.
More Regulations, More Security, More Success?
If we concede that there are some instances where more regulations could be necessary, be that to protect problem gamblers or stop any nefarious hackers breaching online casinos to extort or steal money, for example, does this mean that this heightened and enhanced security will translate into more success for the site proprietors? Ultimately, it is in the best interests of both gambling companies and online gamblers to ensure watertight security.
With more regulations, however, it is the user who is impacted as they are able to ascertain the most legitimate sites and companies based on how they adhere to any laws or regulations that should be in place. As with any online transaction that involves money and/or personal information, online gamblers want to know that they are protected both in terms of cybersecurity but also within online gambling regulatory and compliance guidelines.
In essence, this often means that online gambling devotees who wish to play in a properly regulated and secure environment will opt for companies that demonstrate their commitment to these important features. Putting this in bottom-line fiscal terms, it could well be asserted that the most regulated, most secure online casino and gambling sites could be the most successful, meaning that more regulation may not be a bad thing, which goes at least some way to answering our question about whether gambling regulations for the online world are actually sufficient.
