What are Gambling Regulations?
Gambling regulations are the set of rules and codes of practice that gambling operators must adhere to in order to to satisfy the conditions of their gambling license.
Included under gambling regulations are the operations of lottery providers, online casinos, land-based casinos, bookmakers, and fantasy sports. Of course, regulations differ from country to country – and, in the case of America, from state to state.
The key balance gambling regulations have to strike is keeping gambling safe, responsible and free from crime, while also maintaining a healthy industry.
Gambling Regulations Explained
There are specific government departments and gambling-related organizations set up in order to oversee countries’ gambling regulations. For example, the UK relies upon the regulator the UK Gambling Commission, while the United States follows the laws of the Gaming Control Board for each state.
Among other things, casino licensing, casino game rules, and auditing as well as accounting systems, also come under gambling regulations. It is the gaming control boards of regions and states in America that decide whether or not a casino or online casino is to be granted a license to operate.
This process is said to have been purposely made difficult in order to dissuade the possibility of organized crime or unlawful use of the gambling industry. For example, the person applying for a casino license must provide evidence of being honest and possessing integrity and good character.
To dissuade crime is the overall job of the many gambling regulations passed into law. Gambling, as an industry, often attracts organized – and spontaneous, for that matter – crime, given its roots in money. For example, there are many well-documented cases of money laundering, underage gambling, theft, debt-related violence, shooting sprees, and fraud, among many others.
It is also the job of gaming control boards to promote positive messages about gambling and to ensure that individuals with problematic gambling habits are supported. Licenses will also contain codes of practice which include everything from allowing players to self-exclude, to the technical requirements of gambling products and games, to rules and regulations on promoting and marketing gambling.
The key balance is to include enough rules and regulations to make games fair and safe, but also allow operators the necessary freedoms to make a profit and contribute to a health industry.