According to recent statistics, approximately 26% of the world’s population (about 1.6 billion people) gamble. And out of this population, many gamblers have fallen victim to scamming casinos online. Individuals have had experiences where online casinos have disappeared with their deposits or winnings on the platforms. Some have played in online casinos that aren’t fair in their casino games’ outcomes, so individuals lose a lot of money.
Since the online gambling industry has rapidly become popular and lucrative, many countries have created laws regulating online casino operations and gambling in general. There has also been a rise in many online gambling authorities that provide licenses to casinos online after they have met strict requirements. That way, online gamblers can be assured that their online casinos operate legally. If you want to find a licensed casino you can check on websites like https://emiratesonlinecasino.com/, for example.
This article will delve deeper into how online casinos worldwide are regulated.
The Role of Gambling Licensing Authorities in Online Gambling Regulation
Typically, there are no international online gambling laws. Instead, different countries have different online gambling legislations governing how casinos operate online. However, many countries require online casinos to obtain licenses from local gambling licensing authorities.
These jurisdictions have set up strict requirements that online casinos must meet before obtaining a license. Also, by obtaining a license, online casinos have a higher authority to answer if a gambler reports that they are unsatisfied with their services.
There are many gambling licensing authorities across the globe. Among them include Curacao, Alderney, Antigua and Barbuda, Costa Rica, and Malta gambling licensing authorities.
So, which requirements do online casinos have to meet before they get a license from these and other gambling licensing jurisdictions? Here are some of the standard requirements.
Common Licensing Requirements by Gambling Licensing Authorities
Usually, the licensing requirements vary from one gambling licensing jurisdiction to another. However, there are several common ones.
Casinos Should Prove That Their Casino Games Are Fair
Other than entertainment, many gamblers want to make money from gambling. This can be impossible if an online casino’s games aren’t fair. Of course, the casino always has an advantage over gamblers in all these casino games. However, some rogue online casinos have specifically programmed their casino games so that the odds are more in their favor.
That is why gambling licensing authorities require online casino websites to prove their games are fair to gamblers before getting a license.
Many online casino platforms use Random Number Generators (RNGs) that randomly determine the outcome of casino games. However, gambling licensing authorities still require these RNGs to be tested regularly by reputable third-party testing companies.
Those Operating Online Casinos Must Prove That They Are Fit to Run a Casino
The online gambling industry is no doubt a lucrative one. And where a lot of money is involved, there will be people with the wrong intentions.
Gambling licensing authorities require online casinos to prove that those operating them are fitting to do so. This means they shouldn’t be associated with criminal charges, especially financial ones.
Online Casinos Should Prove That Their Gamblers’ Deposits Are Protected
Many gamblers have had experiences where online casinos have disappeared with their deposits. So, gambling licensing authorities require casinos to prove that their customers’ deposits will remain intact if they shut down.
Casinos Should Prove That They Set Measures to Prevent Individuals From Being Addicted to Gambling
It’s undeniable that gambling addiction is a serious global issue. While dealing with gambling addiction is something individuals should tackle by themselves, gambling licensing jurisdictions have also placed this responsibility on online casinos.
Many gambling licensing authorities require casinos to prove that they have set measures to help prevent their customers from becoming addicted to gambling. One common measure is setting deposit limits on their websites.
Online Casinos Should Prove That Their Gamblers’ Confidential Information Is Safe
Gambling licensing jurisdictions also require casinos to prove that their customers’ confidential information they share on their websites is safe from hackers.
So, they should have online security features on their websites that prevent hackers from accessing gamblers’ confidential information, like their banking details.
Casinos Should Also Prove That They Can Detect and Prevent Underage Gambling on Their Platforms
It is quite easy for underage gamblers to gamble in casinos online because no one can physically identify them. That is why gambling licensing jurisdictions require online casinos to prove they can identify and stop underage individuals from gambling on their platforms.
Most licensed online casinos have set up identity checks during their signing-up procedure that verifies that the gamblers signing up to gamble on their websites are old enough to do so.
Global online gambling regulation still has a long way to go because some countries don’t have refined gambling laws. However, gambling licensing jurisdictions play a significant role in keeping the online gambling industry as regulated and safe as possible.
It’s also vital for gamblers to always check if an online casino is licensed before gambling on the platform. This ensures that their interests are protected while gambling.
So, how does one know if an online casino is licensed? Licensed online casinos usually display their license details on their “About Us” page for gamblers to verify that they are licensed.