Sports betting regulation is a vital means of ensuring that consumers can enjoy wagering and gaming on a level playing field, with astute protection to their financial information and other sensitive data, which is by necessity a vital part of any industry with such data floating around. Formed in 2013, the New York State Gaming Commission currently oversees casino gaming, horse racing, lotteries, and more, statewide.
While it is noted for being an excellent regulatory body, the nature of emergent online gambling means that all regulators must adapt and develop in tandem with an industry that is constantly evolving — legislation and technical developments, for example, have something of a symbiotic relationship. So, what can New York learn from other sports betting regulators, such as the United Kingdom Gambling Commission (UKGC)? Let’s find out.
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Lessons from the UKGC
The UKGC is widely recognized as one of the world’s most vigorous regulators, dedicated to the safety and protection of gamblers in the United Kingdom. According to KingCasinoBonus, the UKGC brings exhaustive measures to ensure fair play, integrity, and financial protection to betting. New York will be keen to imitate the trustworthy nature of the United Kingdom’s gambling industry.
The UKGC was formed in 2007, its stated mission to eradicate crime from gambling, as well as ensuring the licensing and regulation of gambling operators in the country. Two years prior to its formation, the UK Gambling Act was passed, which outlined many of the stated aims regulation would provide. Among its stated aims is to protect vulnerable individuals from harm or exploitation from gambling.
Fair Play and Player Safety
UKGC’s approach to online gambling ensures that all participants, both players and operators, are treated ethically and transparently. It relies on certified Random Number Generators (RNGs) for unbiased outcomes, transparent terms and conditions, and adherence to responsible gambling practices. UKGC utilizes independent audits by organizations like eCOGRA which help verify fairness. Gambling operators in the UK must only present online casino games that use RNGs as approved by the UKGC.
Player safety is rightly held up as the most important factor when it comes to gambling of all sorts. The UKGC ensures that operators are well versed in the promotion of responsible gambling, and they are required to follow a social responsibility code, which includes measures to help individuals monitor their own behaviour, as well as using timers and reminders to limit their playing time. Self exclusion is also made available, as well as information and other resources.
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Financial Protection
Of paramount importance in the online gambling industry is financial protection — players need peace of mind that their financial details and other sensitive data are safe and secure, so that they can enjoy the games and other betting options. Operators are legally required to include the necessary information, such as SSL encryption, with their terms and conditions. The information needs to be made available at the deposit stage, in clear and concise terms that can be acknowledged by players. It’s also required that operators hold player funds in secure, separate accounts — this is an added layer of protection against insolvency or other unforeseen situations, further protecting the consumer.
The UKGC should rightly be held up as one of the best and most trusted gambling regulators in the world. Lessons can be learned from its integrity, and other bodies, such as the New York State Gaming Commission, can draw on its two decades of experience to further bolster its own regulatory framework.
