Sportbooks and online casinos, as well as other gambling sites, are not considered entities with legal existence unless they are regulated and obtain some proof of gambling license. Several countries will permit only gambling platforms with proof of license from a reputable regulatory body. Therefore, the relevance of online casino licensing and regulation cannot be overstated.
As a result, there are many licensing bodies around the world. Some licensing bodies are well-respected in several jurisdictions. Online casinos that hold licenses from these top licensing bodies are trusted more by players. For example, when a site is licensed and regulated by MGA and UKGC, it is considered safe by the online casino industry.
How casinos online are regulated
Taking a glance at some of the top gambling license platforms in the world and how they operate, and the services they provide, we can determine how online casinos are regulated. Here’s how the UKGC regulates gambling operators:
- Commercial businesses into gambling that hold a license with the Gambling Act are liable to comply with the legislation and license conditions and codes of practice (LCCP)
- They regulate in an accountable, transparent, consistent, and accountable manner. With a risk-approach management system, their resources are focused on issues that pose a potential risk to the licensing objectives.
- Combatting illegal gambling practices as well as bet-related corruption in games.
- Publishing the way relevant legislation is interpreted. Also supporting compliance and enforcing activity with clear, consistent communications.
- Advising and helping the government and police with intelligence and information with evidence from their database.
Top regulatory bodies
In conjunction with specific laws in a country, there are top regulatory bodies that aid these countries in keeping the fair play rules in check and also keeping consistent legal activities by players and operators alike. Products and software are also regulated and tested by these agencies. Not considering license coverage, some of the top regulatory bodies include:
- Malta Gaming Authority(MGA)
- The UK Gambling Commission (UKGC)
- The Alderney Gambling Control Comision (AGCC)
- The Gibraltar Betting and Gaming Association (GBGA)
- Curaçao eGaming Authority
They majorly shape the world of gambling through their laws and regulations. Hence, these regulatory bodies are being explained and researched within the “Major Gambling Law and Regulations Overview List.” This features information about the most impactful and important gambling regulations and rules in the world.
Compliance as a necessary regulation process
As important as licensing is, ensuring that license holders comprehend and comply with the license conditions and the law, as well as codes of practice, are even more important. Thus, many of the top regulatory bodies actively regulate the online casinos that hold their licenses. These bodies can revoke the licenses at any time if they find out the online casinos are no longer compliant.
Conclusion
The role of licensing and regulation in the online casino industry cannot be overlooked. It helps to keep gambling operators in check and also protects players. Many regulatory bodies also provide mediation services in cases of dispute between players and casinos.
If you ever want to play at any online casino, make sure it holds a reputable license. Also, find out if that license permits it to operate in your region. To be on the safer side, gamble only at licensed casinos.
By Arthur Clarke
