As online gambling continues to grow in popularity, more and more countries are passing regulations-in-the-forex-trading-industry/” title=”Sports Betting Legislation: An Overview of Regulations in the Forex Trading Industry”>legislation to regulate and control the practice. This article will explain the current laws and regulations that govern online Forex trading, a form of online gambling that is subject to numerous restrictions across the globe.
Online Gambling Legislation Review: An Overview
The dramatic increase in online gambling in recent years has forced countries to introduce more sophisticated legislations and regulations. Governments across the world are now actively engaged with setting up frameworks to create a controlled environment, with the aim of protecting all the parties involved. Through this article, we look at an overview of the major jurisdictions that have legalized and regulated online gambling through legislation, the governing bodies involved, the process of obtaining licenses, and key points about the legislation.
Where is Online Gambling Legal?
Some of the key jurisdictions which have built a fully regulated legal gambling framework include the United Kingdom, Malta, Gibraltar, Isle of Man, and Alderney. In the UK, the Gambling Act 2005 regulates all aspects of land-based and online gambling. In addition, the Gambling Commission is responsible for giving licenses and regulating all those involved. Similar regulations exist in other jurisdictions as well.
The legal framework in the UK provides for two types of licenses for gambling – Operators License and Personal Management License. Operators must have a valid license held by the gamble body before they can process any form of online gambling. Everyone managing a gambling house in a physical location or online must have a valid personal management license.
Types of Online Gambling
The authorities define gambling and gaming as any activity wherein anything of monetary value is accepted as a method of entry and prize are awarded, including card games, gaming machines, virtual gaming, casino gaming, betting on sports, etc. During the Gambling Review, the Gambling Commission provided advice to the government for the regulation of these activities.
Legislation Change Across Countries
Global gambling regulations are constantly changing, with some governments legalizing the activity while others strengthening laws and restrictions. To remain competitive and also protect the consumers, many countries are now introducing stricter legislations to ensure locally licensed operations meet all predetermined regulatory standards.
Recently, Italy and France both legalized internet gaming by private companies, and in June 2010 Denmark passed legislation which allowed online gaming. The most recent federal law of the United States is the Wire Act, which prohibits online gambling businesses from knowingly receiving or sending certain types of bets or information which could help someone place a bet.
All gambling activities must be regulated and this can only be done through a comprehensive legal framework. Governments across the world are now working to update laws and revise regulations to ensure consumer safety and protection. Since the landscape of online gambling is ever-changing, countries must ensure they update their legislations in a timely manner to keep up with any changes in the industry.