Gambling and investment markets are both popular venues for making money. Players in both areas absorb risks and potential rewards. But where investment markets are heavily regulated, gambling regulations are often more relaxed and can be harder to interpret. With the rise of online casinos, gamblers have access to a greater variety of games and betting options than ever before. In many cases though, the regulatory framework governing gambling in certain jurisdictions is outdated or unavailable. To ensure an equitable, fair and secure gambling experience, it is essential to consider the current state of gambling industry legislation. This article will explore the legal landscape surrounding online gambling and its implications for players.
Overview of the Gambling Industry Regulation
The gambling industry has gone through tremendous change in the last decade and has become subjected to new and strict regulations. As it is now a taxed and regulated activity, this has allowed governments to receive additional revenues from the industry. With this regulation however, there has been debate over the need for further legislation to govern the industry, mainly to protect both the customers and the operators. Effectively, this regulation would need to be tailored to the different types of gambling and activities present in the industry.
Proposed Legislative Objectives to Regulate the Gambling Industry
When governments are considering legislation to regulate the industry, there are a number of objectives that need to be taken into consideration. One of the primary goals of the legislation needs to be to protect the consumer by addressing issues including problem gambling, age restrictions, fairness of game play, armed security, and the prevention of money laundering and fraud. Governments should look to set industry wide standards for these objectives and consider the implementation of appropriate mechanisms and measures to ensure the operators are abiding by the regulations.
Effective Strategies for Regulating the Gambling Industry
When considering how to effectively regulate the industry, the legislators need to consider whether this can be done through private sector or government regulation. It is believed that government regulation may be the more effective way to achieve the necessary policy objectives, as the need for private sector regulation could prove to be too rigid. This can be seen in the similarity between the proposed strategies for controlling the negative effects of gambling and the regulation of other industries. The regulation should also remain flexible and consider changes in technologies and economic growth of the industry.
In addition, it is important for the regulators to ensure that the information and data being used to assess any changes in the industry is reliable and accurate. This includes ‘official’ data such as compiled stats, outcomes and other data obtained through agreements with sports leagues, data companies and governing bodies. It should also consider data that is not officially sourced but has been collated from a number of sources, such as websites offering lists of products sold, online sales, ordering information, file downloads and links to other sites.
Finally, other strategies that can be implemented include strict advertising laws, suitable taxation procedures, and the implementation of harm prevention strategies. These strategies will help to ensure that the industry is maintained at its highest standards, with the health and safety of the consumer as a number one priority.
The gambling industry has seen many changes in the last few years, although the focus should remain on regulating the industry in a way that will promote fair practices and address any negative ramifications it may have on the wider public. To achieve this, governments should look to implement effective regulations that will protect both the customers and the operators, while also considering the changing technological landscape of the industry.
