The rapid growth of the internet has opened up all sorts of opportunities for industries of all kinds, with online gambling being one of the prime examples. As per one estimate, the global online gambling market was valued at around $66.7 billion in 2020. This figure is projected to swell to $127.3 billion by 2027.
With such impressive growth and profits at stake, online casinos, like LuckyDreams, have spread their reach far and wide across the world. However, issues like problem gambling, unfair practices, underage betting, and lack of transparency continue to plague parts of the iGaming sector. This is where gambling regulatory bodies and commissions come in.
What Role Do Regulators Play in Online Betting?
Much like their land-based counterparts, internet betting sites and mobile apps need checks and balances in the form of industry regulators. These authorities broadly oversee operators and platforms to:
- Implement standards for responsible and ethical gaming
- Audit gaming software for fairness
- Ensure transparency for players
- Clamp down on illegal offshore operators
- Protect vulnerable groups and prevent problem gambling
- Resolve player complaints and disputes
Thus, they have an important duty to govern casinos as well as safeguard consumer rights and interests. The presence of a regulator also builds trust in betting websites licensed under their jurisdiction.
Prominent Online Gambling Authorities Around the World
Many countries have separate commissions that specifically regulate real-money gaming on the internet. For instance:
- The UK Gambling Commission (UKGC) oversees all online betting from the United Kingdom.
- The Malta Gaming Authority (MGA) governs a large number of Europe-facing gaming sites.
- Curacao eGaming issues licenses for internet casinos based in the Dutch Caribbean island.
- The Pennsylvania Gaming Control Board regulates the state’s gaming industry, including online betting.
These are just a few examples. Depending on local laws, online betting platforms need to get licensed and regularly submit to inspections by one or more of such authorities if they want to operate legally. Regulators have the power to impose fines, revoke licenses, block access to sites, and even order ISPs to take down non-compliant operators.
Are Current Regulations Enough for Player Protection?
Gambling watchdogs undoubtedly make iGaming safer through mandatory standards and reporting. However, some critics argue that more needs to be done for strengthening consumer safeguards.
For one, many players are still unaware of self-exclusion options available to them like deposit limits, timeout periods, and permanent account closures. According to a 2022 study, only 14.5% of respondents were able to correctly identify tools for responsible gambling.
| Year | Percentage of players aware of responsible gambling tools |
| 2020 | 12.3% |
| 2021 | 11.7% |
| 2022 | 14.5% |
Secondly, illegal offshore platforms still manage to offer games to customers while evading compliance requirements and taxes. Their unregulated nature leaves users vulnerable to risks.
Finally, while regulators are increasingly collaborative, there is a need for more uniform international standards and greater cooperation to collectively raise industry benchmarks.
Way Forward
As internet-based betting continues its upward trajectory, gaming watch dogs will have to step up their game as well. The onus is on regulators to regularly enhance their frameworks and guidelines to make online casinos more trustworthy for an average consumer.
This may involve stricter penalties for erring operators, larger investments in responsible gaming education, dealing with offshore platforms, greater transparency through usage of blockchain and modern IT infrastructure, and working together with international counterparts to plug regulatory gaps exploited by unlicensed sites.
The World Wide Web may be a chaotic place, but it doesn’t mean online gambling can’t be tamed with the right oversight. As market leaders, regulators must set the pace for others to follow. Robust standards, proactive measures, and greater accountability – these are the needs of the hour for iGaming governance.
