Online gambling involves too many regulations and restrictions to be adhered to in order to offer the players with a safe, secure and authentic gaming experience. However, the rules and regulations to be followed by the online casinos is certainly great news for the players as they can be assured of security and trustworthiness of the casino.
And so, we at Mad About Live Casino, provide you with a comprehensive list of valid reasons as to why regulation is good and vital for a casino.
Helps in continued innovation
As we know there is a huge competition between mobile and online casinos as they are steady in competing with each other, be it, with respect to the variety of games offered, bonuses and promotions, loyalty schemes and so on. These features offered by the casino might not be incentivised if the regulations must have not increased. Also, although the aim of the casinos is to chase profits, they indirectly start thinking more creatively and reinvent their current offerings and products to appeal to their players. Well, all thanks to increased regulation and taxation.
Helps in curbing illegal gambling
Logically speaking, it is believed that more the regulations imposed, more the illegal activities to take place. However, it is to be taken into consideration that the unlicensed casinos have shrunk in number in recent years.
Going back in time, before the introduction of the new tax and it was difficult for the remote casino operators to gain licensing in the UK, the casino industry representatives made their statement. They said that taxing the casino profits and making them obtain licences would promote illicit casinos. Nevertheless, the Gambling Commission in the UK has done an amazing job by making sure that all the casinos providing services are licensed, enforcing the license conditions, taking regulatory action against the casinos that are found trading illegally and keeping intelligence on potential illegal remote casinos thus curbing and putting an end to the illegal gambling problem.
This is certainly great news for the players because they can be confident that they are playing in a safe environment whenever they see the UKGC logo on the website of a casino and can also double check the licence number with the organisation if they wish to do so.
Helps in improvising safety and fairness
Increased regulation suffice that the licencing bodies develop stricter guidelines for the safety, fairness and overall customer protection, and carefully control the implementation of them. Apart from these, it also includes the protection of customer funds, the safety of the gaming environment, the fairness of the games and many more aspects of remote gambling are all improved with increased regulation.
Furthermore, if we took for instance that there were no regulations specifying that the games offered by the casinos must be tested to ensure they produce random winning outcomes, the casinos could simply rig their games to make you lose much more money than win. In such a case, the Return to Player (RTP) would not be an optimistic 95%, but perhaps an 80%, producing some hefty profits for the casino. In conclusion, the regulations make sure that the casinos offer the players with utmost safety and fairness technology developments in all respects.
Helps in framing a well-organised complaint procedure
When it comes to online gaming, today, the players are assured of their safety and security when it comes to disputes. Well, thanks to the increased regulatory environment. Earlier, when the casinos could be licensed and operated from anywhere in the world if any complaints or disputes arose, it was a truly hopeless situation as there were no organisations to seek support from. Usually, the decision of a casino was final, even though it was not always convincing.
Today, all the casinos have to be licensed in the UK and must be part of the Independent Betting Adjudication Service (IBAS). This means that if the players are not happy with the decision of the casino for any reason, whatsoever, they can lodge a complaint with the IBAS. All they need to do is to present a clear argument and any evidence that they may have, and independent adjudicators will decide on their case providing them with solutions and support.
Helps in promoting social responsibility
The social responsibility of casinos is greatly enhanced when industry regulation increases. With increased regulation comes increased demands. And so, the casinos are first and foremost socially responsible, to protect the players who are vulnerable to problem gambling. With the self-exclusion option, the various regulatory bodies are doing their best to keep the casinos in the line thus encouraging social responsibility.
SummaryName: Why Regulation is Good in Gambling?
Author : Robert Davey
Published Date: 27/01/2019