What Regulations Do Online Gambling Companies Have To Comply With? - Baltimore Post-ExaminerBaltimore Post-Examiner

What Regulations Do Online Gambling Companies Have To Comply With?

What Regulations Do Online Gambling Companies Have To Comply With?

The online gaming industry first reared its head two decades ago and has changed almost unrecognizably since its infancy. The past ten years have been the most transformative however; Gambling is prohibited in many parts of the world, but UK-based players have legal access to a thriving market replete with hundreds of casino sites.

Gambling laws can vary wildly from one region to the next, which means that what’s legal and what’s not depends entirely on where you live. If you enjoy betting or gambling over the internet, then you need to learn this information. The exact licensing requirements for a gambling website will depend on which jurisdiction they are based in and what services they offer. There’s still a long way to go before it can be considered a well-regulated industry on a global basis though. We look forward to the day that happens, but for now we have to accept the way things are, but in general, the following requirements are typical though.

Accounting Procedures

This is one of the most important parts of regulation in terms of making it safe to deposit at gambling sites. A licensing authority might impose a wide range of rules relating to account procedures, but an especially common one is that sites must separate customer deposits from all other funds. Those deposits must be protected somehow so that if a site went out of business for any reason the customers would still be able to get their money back.

Dealing with Problem Gamblers

One of the opinions made about online gambling is that it makes addiction more likely. There have been studies to show that this is not the case, but problem gambling is nevertheless an issue that the industry should, and does, take seriously. Licensed websites are typically compelled to have certain measures in place to help prevent problem gambling. Online Gambling companies such as 888, are putting efforts to promote and be a part of the Responsible Gambling Week, which occurs between the 7th-13th of November. 888 are doing it by bringing to the attention of its players the measures it’s taking to promote responsible online gambling.

Preventing Underage Gambling

Another common opinion is that it’s easy for people underage to gamble online. There is little basis to this either, although again it’s something that needs to be considered. Regulated sites are generally required to carry out identity checks on their customers, and part of the reason for this is to ensure that they are old enough to use their services.

Handling Complaints

Most licensing authorities stipulate that their licensees must have a defined complaints procedure in place. This procedure should be made available to any customer who has a complaint of any kind. Some licensing authorities also provide arbitration services where they will investigate complaints that cannot be resolved and offer a suitable solution.

Final Thoughts

It’s very difficult to predict how the regulation of online gambling will develop in the future. A perfect solution would be for a new organization to be formed that would be responsible for governing the industry on a global basis. This would remove a great deal of the difficulty in determining which sites meet the requirements to be considered trustworthy.

There are many online casinos to choose from, and it pays to do some research into the regulations they must follow when you select one. If every website had to follow the same set of strict requirements then things would be a lot easier.

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