When online casinos first started emerging almost three decades ago, there was no means of knowing if online casino operators were legitimate or not. Regardless of location, everybody could’ve accessed these sites in order to play. It turned out that, not so rarely, casino sites offered casino content without giving players a fair chance of winning, and in some cases, made sure that there was no chance of winning at all.
Fortunately, things have changed, and today, there are all sort of rules which online casinos need to follow so they can meet requirements, made by their regulatory body. The first country to feel the need that such regulations were necessary was the UK. With its primary goal to protect players, the country defined the entire online gambling industry under the Gambling Act 2005, and now, every online casino operator under UK jurisdiction needs to have a license, granted by the UK Gambling Commission.
What Licensing Means for the Players
As a part of the UK Government, UKGC is in charge of supervision of the entire gambling industry in the UK. For gambling activities to continue in a fair and open environment, it’s necessary for all the UK online casinos to be approved by the UKGC. As mentioned before, to do that, online casinos need to follow certain rules as well as pass thorough background checks. The process takes time as well as money. In addition, after a license is acquired, all online casino profits come attached with a 15% tax rate (a part of it is being distributed to programs against gambling addiction). On the other hand, players are not required to pay anything on their winnings while enjoying online casino services, provided UKGC-licensed online casino.
Despite pretty clear instructions on how to conduct gambling activities, thanks to technology advancement, it has become easier for online casinos to cheat on players. In such cases, the UKGC dispute resolution system acts as an objective third party with no interest in the matter but to protect players.
Also, with their most important goal to shield players from potential irregularities, UKGC continually checks regulations, bringing in new ones when it deems necessary. Their latest addition relates to minors, and very soon, new regulations should be expected concerning their welfare.
Additional Implications
For the UK online casinos, it is strictly forbidden to allow those under the age of 18 to take part in gambling. Thanks to the new regulations which concern this particular group, upon registration and before any deposits, the UK online casinos in ownership of license will have to demand identification as well as positive age verification. With verification enabled beforehand, withdrawals will be much quicker, and without additional delays.
Within their regulatory duties, UKGC has the power to put an end to money laundering and in the process, put a stop to serious crimes such as terrorism or any other form of criminal activities by cutting off their funding. Also, in addition to protecting players, a license also provides much-needed credibility to the gaming industry.
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