- »Six Ways Players Benefit from Regulated Online Gambling
Six Ways Players Benefit from Regulated Online Gambling
The topic of online gambling is always up for debate. But research and professional analysis shows that players are safer and experience many more benefits when governments have regulated online gambling, rather than try to prohibit it.
Signs of the Times
In the late 1990s and early 2000s, online gaming operators were opening online casinos, poker sites, and sports betting portals that targeted a global audience. Everyone from Aussie casino players to US poker players and European bettors were in the same player pools on these sites.
Some governments began to express concerns. Lawmakers felt that there was little control over the regulatory environment in which the sites operated. Moreover, there was an opportunity to collect tax revenue if there are betting regulations with a particular country.
Several countries in Europe, as well as the United States, started using antiquated anti-gambling laws to crack down on international operators. Most then developed a regulatory regime within their countries. Here, operators could obtain licenses and offer games to their residents and citizens.
This began the restricted online gambling system under which companies now operate in many countries.
The countries that have allowed some form of internet gambling regulation within their borders include the US and UK, Italy, Spain, France, Portugal, Sweden, Switzerland, Denmark, Colombia, Brazil, India, and many others.
Let’s look at the ways that casino players online benefit from regulated online gambling, rather than prohibition.
Those who benefit the most under a regulated system are the players. They may have a more limited number of sites from which to choose, but they can rest assured that their money is safe, winnings will be paid, and sites are monitored for compliance.
A nation that regulates online gaming can give players a safe place to play and discourage them from playing on offshore sites with reputable options.
Further, if sites are caught allowing an underage player or self-excluded player on the site, a government-monitored regulator can impose serious penalties. This ensures that sites take the player identification process more seriously.
A regulator monitored by the government is required to be transparent. This means players know exactly how much money a site makes, how much goes to various taxes, and even where that tax money goes. Governments are beholden to the people, which means the operators under their oversight are beholden to their players.
Players know exactly how much money their casino operators make from players and the tax rate. This applies equally to all casinos. This gives players peace of mind.
In the long run, players also benefit from those taxes that go back into society.
Moreover, players know who is operating the sites on which they play. The owner and operator information is public through the licensing system. Everyone knows who is behind the scenes of the casino and poker sites.
Online casino operators always report to their respective regulators, but a state or national regulator often imposes stricter regulations.
Regulators must meet certain qualifications just to obtain their operating licenses. They then must undergo constant supervision and regular audits to ensure they are remaining compliant at all times.
In addition, if a casino site doesn’t abide by the rules, the regulator can immediately step in and rectify the situation or revoke the license.
Easier Payment Processing
When a site has licenses and regulation via a government entity, banks and other financial institutions are more likely to work with them. This gives players more ways to deposit and withdraw funds. It also means that these methods will be faster and more reliable.
In some cases, Australian banks refuse to work with online casinos and poker sites. This is because of the ambiguity in the laws. A regulated system would enable everyone to work together to allow players more flexibility with funds.
More Responsible Gambling Options
Most online gaming sites, no matter where they are regulated, offer responsible gambling information and addiction resources.
When a regulated environment exists, however, this becomes a requirement. Players are informed on a much grander level and provided with direct links to provincial and nationwide responsible gambling resources. The options are greater, and the links to assistance are much more direct.
If players have concerns or complaints about an online gaming site, customer service representatives of sites will always try to help. However, if players find that the help is insufficient or they have larger concerns about a site in general, they can bring those concerns to the regulator. That regulator will then step in and oversee a reconciliation or mediate between the player and the site operator.
The sites are ultimately accountable to the people because the government oversight requires it.