In recent times, gambling has expanded significantly and grown in popularity, with its popularity passing the far reaches of the globe. However, the advancement in technology, availability of smartphones, and easy access to the internet have not only made online gambling a plausible option but have also made it a popular choice among gamblers all over the world. This is due to the advantages online gambling offers. Indeed, online gambling has been predicted to yield a return of over $90 billion by 2025.
There are several reasons for this high level of interaction with the platform. One of these is the amazing bonus players can offer. For instance, the Bet365 poker bonus has captured the attention of many players across the globe. However, there is a great need to make certain policies to regulate online gambling. Some of these reasons are discussed below:
Potential for Fraud
It should come as no surprise that with the nature of activity like gambling – both online and land-based – people with illicit agendas have been trying to force their way into the industry. This is why gambling regulation is important through licensing. This helps in ensuring safety and fairness in the industry. Only casino operators whose authenticity has been verified – through series of scrutiny – can be awarded a gambling license. This helps in identifying a legal and safe casino.
This is a serious problem, especially in a country with a high rate of gambling. Indeed, it is a formidable threat to the socio-economic and socio-cultural well-being of an economy. The advent of the electronic transaction means that gamblers do not need to have any physical contact with the funds they want to gamble with – that is, transactions are faster and easier. Consequently, such a system could make some gamble beyond their limit – resulting in their financial ruin. Oftentimes, the rate of gambling on the internet is unchecked and there should be an institution monitoring how often people gamble online.
Protection of Minors
The unbridled access to casino games by minors is yet another major issue most countries with high gambling rates face. A policy must be created to establish an efficient regulatory institution that will prevent minors from accessing any type of online casino game. For instance, a licensed casino can require all its members to provide multiple forms of identification before they can be granted access to play any online game. However, casinos out there are just concerned about the money they aim to make – of course, this is wrong.
Furthermore, regulatory bodies can demand that all their members use certain age verification software. This will effectively protect young individuals from the downsides of gambling.
Most countries derive a significant amount of revenue through legalized gambling. The states derive significant tax revenues from legalized betting. By making it difficult for legal gamblers to play casino games, players get frustrated and this may lead to a reduction in the rate of gambling. The consequence of this is that the government revenue also reduces.
The idea of prohibiting online gambling will offer nothing to further the cause of those pushing for its proscription. Instead, having a regulatory authority with great plans will help reduce the number of underage gamblers, assist those in gambling issues, and keep the internet safe for the gamblers to play casino games.