One of the biggest recent success stories in the business world is online casino gambling. This is a sector that has seen rapid growth and is valued at over $59 billion by the end of 2021. With mobile gaming helping more and more people to enjoy it, it looks set to be a growing industry for the foreseeable future.
The key to the success of online casino gambling as a business sector is the number of internet casinos that are now being played worldwide. The rise of online casino games has of course attracted many entrepreneurs and this has led to many new platforms being launched in recent years to capitalize on the boom. One term you may have heard of is that an online casino is “regulated”.
But what is it all about and why is it key to any internet casino business?
What is a “regulated” online casino?
From playing the latest online slots at regulated casinos to playing other classic games on 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 reputable, independent authority in the gaming sector. It also refers to an internet casino that adheres to well-defined standards of fairness.
Of course, a regulated online casino is also one that is accountable to the regulators and can be held accountable by players in case of any problems. Examples of independent gambling authorities that regulate online casinos are the UK Gambling Commission and the Malta Gaming Authority, but there are many others.
Why is regulation important for online casinos?
From a business perspective, this simply means that the casino is more likely to attract players and more likely to be a success. It also helps the platform build a positive brand image within the gaming industry and with other business sectors and investors around the world.
In addition, possession of valid operating licenses is important for player protection. Since there are no regulations governing how a casino site should behave or be held accountable, it is all too easy for people to get scammed. Regulating iGaming platforms avoids this and ensures that only honest, fair internet casinos can operate. It is now illegal in many countries to operate an online casino without the necessary licenses or regulations. For those interested in running an online casino as a business, this is an important point to keep in mind.
How are online casinos regulated?
While the prospects for customer service in 2030 may well hold some surprises, the continued importance of online casino regulation will not shock anyone as we move forward. But how do you get accreditation when running an online casino?
The process may differ depending on the country you work in or the position you are applying to. Broadly speaking, however, regulation is usually achieved by applying for a license to operate in the first instance from a body such as the Malta Gaming Authority. At this point, it is crucial for internet casinos to know that certain regulatory bodies cover certain parts of the world or certain countries.
Applications usually involve filling out the required paperwork and providing evidence to support the application. Most regulators will then review this evidence and approve the license if everything is in order. Operating licenses usually come with a license fee and include a set of standards that websites must agree to.
What other security measures are important for online casinos?
Regulation is an integral part of what makes any online casino safe to play at. However, this is not the only thing you should consider when setting up a secure internet casino. In addition to regulation, you should put a lot of emphasis on general cyber security. Using SSL technology to encrypt data is a good example, as is using two-factor account authentication and the latest firewalls to keep hackers out.
Online casino regulation is key to the success of the industry
There is no doubt that the business world has been stunned by the rise of the online casino gambling sector in recent years. While there are many reasons why iGaming has become so popular, the security that internet casinos offer players is crucial. Without people’s confidence that playing at online casinos is safe, probably not many people would take the risk. Regulation plays a crucial role here and is one of the main reasons why people trust internet casinos enough to play there.