One of the major success stories of recent times in the business world is online casino gaming. This is a sector that has been on a rapid ascent and was estimated to be worth over $59bn by the end of 2021. With mobile play helping to make it something more and more people like to do, it looks set to be a growing industry for the foreseeable future.
Key to the success of online casino gaming as a business sector is the number of internet casinos to game globally now. The rise of online casino gaming has naturally caught many entrepreneurs’ eyes and this has led to a lot of new platforms being launched in the last few years to cash in on the boom. One term that you might have heard of before is an online casino being ‘regulated’.
But what is this all about and why is it key for any internet casino business?
What you can expect in this article:
What is a ‘regulated’ online casino?
From playing the latest online slots at regulated casinos to enjoying other classic games at platforms like this, regulation is very important for iGaming sites. But what do we mean by this term? In short, a regulated online casino is one that is licensed to operate by a respected, independent authority in the gaming sector. It also refers to an internet casino that adheres to clearly defined standards for fairness.
Of course, a regulated online casino is also one that is answerable to the bodies which regulate it and one which can be held accountable by players in the event of any issues. Examples of independent gaming bodies which regulate casinos online include the UK Gambling Commission and the Malta Gaming Authority, but there are many others.
Why is regulation important for online casinos?
From a business sense, it simply means the casino is more likely to attract players and more likely to be a success. It also helps the platform establish a positive brand image within the gaming sector and with other business sectors and investors around the world.
In addition, holding valid licenses to operate is important for protecting players. With no regulation in place to stipulate how a casino site should act or to hold it accountable, it is all too easy for people to be scammed. Regulating iGaming platforms avoids this and ensures that only honest, fair internet casinos are able to operate. In many countries, it is now illegal to operate an online casino without the required licenses or regulations. For those interested in running an online casino as a business, this is a key point to note.
How do online casinos get regulated?
While the outlook for customer service in 2030 might well come with a few surprises, the continued importance of online casino regulation will shock no one as we move ahead. But how do you attain accreditation if you run an online casino?
The process can differ, depending on the country you are operating in or the body you apply to. In broad terms though, regulation is usually achieved by applying to an authority like the Malta Gaming Authority for a license to operate in the first instance. It is key at this point for internet casinos to know that certain regulatory bodies cover distinct parts of the world or specific countries.
Applications would usually involve filling in the required paperwork and providing evidence to support the application. Most regulatory bodies will then review this evidence and approve the license If everything is in order. Licenses to operate usually involve a license fee and come with a set of standards that sites must agree to uphold.
What other security measures are key for online casinos?
Regulation is a key part of what makes any online casino safe to game at. It is not the only thing to bear in mind when setting up a safe internet casino though. In addition to regulation, you should put great emphasis on general cybersecurity. Using SSL technology to encrypt data is a good example, as are using two-factor account authentication and the latest firewalls to keep hackers out.
Online casino regulation key for sector’s success
There is no doubt that the business world has been stunned by the rise of the online casino gaming sector in recent years. While there are many reasons why iGaming has become so popular, the security offered by internet casinos to players is crucial. Without the confidence people have that online casinos are safe to play at, it is not likely many people would take the risk. Regulation plays a critical role here and is one of the major reasons that people trust internet casinos enough to game at them.