What is a ‘Regulator’?
A ‘regulator’ is an individual or group established to provide independent supervision of a particular industry and to prevent it being operated in a harmful way. In the gambling industry, ‘regulators’ are the gambling boards and commissions which set laws, issue permits and inflict sanctions related to the provision of gambling services, as well as supporting the public and protecting them against fraud and false gambling services.
A ‘regulator’ is an authority designed to control a certain industry and prevent it being run in a dangerous or unfair way. Regulators exist across financial, commercial and security sectors, as well as in legal and public services. Regulators can usually establish laws or recommend them to the government, and they have powers to tackle any breach of their rules by operators. Regulation sets the standards which the whole industry needs to meet, and anything below the acceptable line is shut down or punished to ensure consumers are protected. Regulators can enforce sanctions and penalties, and they can also revoke licences and permits in serious situations.
In the gambling industry, regulators are the control boards who set standards for payout rates, fairness, tax collection and age restrictions, among other things. They include the UK’s Gambling Commission and the United States’ various gambling boards. Most nations where gambling is legal will have some form of regulatory body who oversees all betting activities. These regulators play a big part in setting the laws around gambling, and they have a responsibility to provide detailed reports on the industry for the government to assess. The regulator usually issues relevant permits and permissions relating to new gambling businesses, and any new casino or betting shop business will need to go through the regulator and submit to their requirements in order to be allowed to set up.