Regulatory bodies for Online Casinos 

By January 20, 2022 Blogs

Like all other industries that offer the public a service, the gambling industry needs to be licensed and regulated. This is essential to keeping customers safe whilst using online casinos – join clovercasino now.

Relevant safety measures have not always been in place though. In 1996 the digital revolution brought gambling platforms to the Internet. This was a brave new world for gambling and nobody in the industry knew what to expect. Firstly, the huge success of this venture took the industry by surprise, and secondly, online gambling created new challenges that had to be met face on with new initiatives. 

Regulatory bodies for Online Casinos 

During the early days of online gambling, many online casinos operated without being licensed or regulated by a recognized authoritative body. This caused problems within the industry and more especially for gamblers. 

The main cause of concern was that online casinos could operate without having to obey any kind of rules or regulations. The consequences of this were that many gamblers fell foul of unscrupulous casino practices. This was not good for the image of gambling or the relationship between customers and online casinos. To improve the reputation of the gambling industry, the UK Gambling Commission was set up to license and regulate all forms of gambling in the UK. The new rules set by this body were put in place to drive out online casinos that did not respect their clientele. 

Once the UK Gambling Commission was established, it became extremely difficult for unlicensed casinos to operate online in the United Kingdom. This helped to improve relations between customers and the online gambling industry once more. 

Online Gambling Today 

The current online gambling environment is a much safer place than it was in the early years and this is mostly down to the creation of regulatory bodies around the world. In Europe, three main authorities license and regulate gambling. They are the UK Gambling Commission the Gibraltar Licensing Authority and the Malta Gaming Authority. Some casinos that offer their product across European countries are licensed and regulated by all three of these authorities. 

The Benefits of Joining A Licensed Online Casino Site 

Joining a licensed and regulated online casino comes with various benefits and these include protection of player funds, in case the casino should go out of business. The UK Gambling Commission requires all casinos operating in the UK to keep player funds and casino funds in separate accounts. This means that the casino does not use player funds for the day-to-day running of their business and these funds remain available to customers, even when a casino is no longer able to operate. The games available at licensed casinos are also regularly tested by these and other third-party bodies for payouts and fairness. 

Final Thoughts 

The UK Gambling Commission is one of the most powerful regulators in the industry and it is notorious for setting the bar high when it comes to the criteria needed to receive a gambling license in the UK. The UK Gambling Commission has already fined many online casinos for falling below the standards required to operate in the UK. These bodies, therefore, are vital to the industry.