Online gambling emerged in the early 2000s and has been subject to the regulation of all sorts of authorities globally ever since. The United Kingdom was one of the few countries in the world to swiftly regulate this new type of leisure. The Gambling Act of 2005 introduced a new framework for gambling in Britain, while its many amends further made the activity in the country much safer. Since then, thorough licensing has become one of the key factors in locating fair and reliable UK-approved casinos.
Does Regulation Make a Difference?
The legality of an online casino indicates the operator’s adherence to a certain set of strict criteria that positively impact both the gambling experience and the resulting payouts, while playing with unlicensed brands leads to increased risk exposure, unpaid wins and data leakage.
At the same time, regular and rigorous testing keeps the iGaming industry constantly in check, since having a line-up of thoroughly checked brands provides players with valuable gaming opportunities, countering the options of the unregulated market.
When it all sums up, legal online gambling is something everyone can benefit from.
State Monopolies vs. Free Market
Once a certain jurisdiction decides to legalise online gambling, there are a few ways to approach it:
- Monopoly, in which one or two companies, often run by the state, get the rights to provide online gambling services. This is the case in Norway;
- The free market, in which any licensed company can offer gambling entertainment. This is the case in most other European countries, such as Germany.
It is important to notice how certain countries, such as Curaçao and Malta, have made online gambling licenses a real business endeavour. Still, as local authorities rise, such licenses may lose on their appeal.
Does The Social Attitude Towards Gambling Change with Regulations?
The perception of gambling will depend on the culture in which it takes place. In some countries, gambling is a pastime, similar to going to the movies. In others, such as India, it is an essential part of different festivals and has an overall increased cultural significance.
Even though the attitude towards gambling doesn’t explicitly change with the legalisation, the implicit benefits help erase the potential stigma and encourage players in need to reach out for support to get back on track. Truth be told, countries without proper online gambling laws rarely offer any type of support for gamblers.
The Financial Impact of Regulated Online Gambling
Online gambling also has an impact on the state’s finances. Thanks to clever taxation of both gambling companies and casino winners, budgets can significantly grow. In many countries, gambling tax money is used to finance education, senior centres and other causes that have a greater effect on society as a whole.
The legalisation of gambling brings many benefits, yet it is important to understand there is no universal practice that makes one law better than the other. A good online gambling law must work in line with the social perception of the activity, players’ habits and, ultimately, the goal behind the law.
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