Thanks to the constant changes that technology faces each day, our routine lives and chores have changed dramatically. We open up our browser and search for it if we need information instead of going to the library. If we want groceries, an app will let us order and buy them and deliver them to our doorstep. Thanks to streaming services, we can watch movies without going to the cinema, and TV series have been replaced by online series. Even sports have changed, with drones helping keep an eye on everything that happens. This evolution also rings true to the casino business, which has adapted itself to online availability with high levels of success. Yet, one question comes to mind when we think about mobile and online gambling: Is it regulated? Today dear readers, let’s analyze the legal situation and implications of online casino venues.
Regulations Around the Globe
Online gambling is a relatively new concept globally, so many countries haven’t taken the steps to properly regulate digital gambling, particularly in Latin America. Moreover, the fact that this exists in a digital environment makes it extremely difficult to control these activities properly. Also, there are thousands of web pages and apps, with many more in continuous development and release, so it stands to reason that proper regulation is so complex. Even so, many countries are trying to create appropriate rules or ban online gambling within their limits. In the U.S., online betting and online gambling is legal activity on the federal level, meaning that its legality and regulations depend on each state. Most states allow online gambling, notable exceptions being Hawaii and Utah, due to religious and social concerns. In Europe, Spain is one of the countries that has made the most progress in regards to online gambling, with the famous Garzon Law restricting advertising and promotion to specific timeslots. This law also forbids first-time betting rewards and advertising from prominent figures to minimize the impact on teenagers.
Online Sports Books
While online casinos are still in the early stages of regulation, online sportsbooks are on a completely different scale. Sports betting is one of the oldest practices in the world and one of the first businesses to adapt itself to the digital era. Sports betting practices and regulations usually differ depending on the country or region, but all of them share the basics of what is to be regulated. Typical restrictions include the minimum age permitted for registering and betting, gambler identification methods, and limitations on which activities are available for betting. In Latin America, Colombia is a particular example of countries that have successfully adapted online sports betting to their economy. While online sports betting is permitted in the country and not as restricted as in other countries, Colombian regulations heavily enforce responsible gambling and casino responsibility to gamblers and society.
Online and Mobile Casinos
Many people would think that online casinos are only a way of losing your money; after all, how can you regulate something in the digital world? On the other hand, some jump at the opportunity of unregulated gambling, as they believe there are bigger chances of winning on unregulated bets. The answer in both cases is swaying both ways. While it’s true that online and mobile casinos are not as heavily regulated as regular gambling businesses, depending on the country, they do have regulations or are outright illegal. On the other hand, payout rates tend to be higher in online gambling venues, yet the difference between digital and online rates isn’t astronomical, as some would believe.
Although a relatively recent addition to the gambling roster, eSports’ unprecedented popularity and success in recent years have made gambling in professional gaming competitions a real possibility. While this type of betting is still banned in many regions of our globe, mainly since most competitors are minors, there are several countries where this practice has been legalized and regularly practiced. Currently, the League of Legends Worlds, arguably the most important eSports event of the year, is in its final stages, with two favorites for the world cup facing each other this Saturday. Hence, the betting opportunities are ripe for the taking.
While online gambling is a relatively recent addition to the roster of luck-based games, many countries are doing their most to regulate and control these activities properly. Guaranteeing safety and fairness in each game and minimizing the effect of these on the younger generations, are the maxims from which these rulings come.