Gambling has always been popular. It’s because a lot of people (the lucky ones) perceive it as an easy way to earn a substantial amount of money. A majority of people embark on this “journey” without even knowing how this industry is regulated.
Is it because they are not too interested in it or because the rules and regulations are not transparent enough? The answer to this question is probably both. Still, if you’re interested in online gambling you should also get yourself familiar with these regulations.
If you enjoy gambling online or betting then you’ll enjoy this article as well, because it will cover some of the most important aspects of this industry, especially the ones related to regulations. Let’s go and take a look at all the facts!
The Latest Online Gambling Regulations
Why Is It Important?
Millions and millions of people from all around the world deposit their money on various gambling websites, however, a majority of them do not really know anything about the people and corporations behind those web pages.
And at the end of the day, that should be the whole point of regulation in this industry. In an ideal world, gamblers are supposed to feel safe when they are depositing their funds, safe in the knowledge that they are dealing with reputable and reliable institutions.
Furthermore, online gambling regulation is supposed to serve three major purposes, and they include:
- Making sure gambling websites are obeying the law
- Making sure gambling websites are moral
- Making sure online gamblers are treated with respect and are being protected
Moreover, all gambling websites must obey the law without making any complaints about it. These include forbidden things like underage gambling, as well as money laundering and their ads must be honest and crystal clear.
Gambling Commission Announces New Changes
The most powerful institution in this industry has announced earlier this year a package of rigid measures that has a goal to strengthen the controls and protections for people who are utilizing online slot games.
Namely, they want to limit the spin speeds, as well as to permanently forbid features that speed up play or define losses as wins. Furthermore, after consultation with the gamblers and public, the gambling commission has announced that operators, including some of the best online casino sites, will have to implement the latest player protection measures which will make online casino games less intense. Besides this, the design is going to be much safer and people will gain more control over gambling.
It seems like online slots were the most problematic ones when it comes to this industry. Namely, these games have by far the biggest average losses per person of online gambling products, plus they usually come with features that increase the severity of the play. Brand-new rules will get rid of four major features of online slots games:
- Features that provide gamblers with the illusion that they can control the outcome and speed up play
- Slot spin speeds that are faster than 2.5 seconds
- Auto-play – because of it players usually lose track of their play
- Pictures or sounds that give gamblers the illusion that they have actually won, when in fact the return is below or equal to a stake
Other important changes include these:
- All operators are obligated to be very realistic and honest with the players when it comes to their losses and wins, as well as the time they’ve spent playing any online slots.
- Besides the changes that were previously mentioned, the Online Gambling Commission has also decided to permanently ban reverse withdrawals regarding online gambling. Namely, this was the function that previously permitted players to re-gamble cash they’ve previously demanded to withdraw.
Online operators were obligated to implement these protections by 31 October 2021. Many types of research have shown that because of an auto-play feature many gamblers have lost track of play, which is why it was extremely hard for them to stop playing.
Germany And Online Gambling
July this year, Germany has decided to unite all states with a goal to establish a German Interstate Treaty on Gambling. Fans of online gambling are thrilled by this news because this means that the ban on poker and online slot machines is going to be lifted.
So what can people expect from these changes? Even though the main goal is to lift the ban on online casinos and poker, there are still going to be some strict measures that are going to protect the players.
Operators are allowed to advertise online gambling, however, there are certain limitations that cannot be avoided. For instance, minors cannot be exposed to any type of gambling-related marketing and they shouldn’t perceive online gambling as any form of solution to the financial problem. The whole point of these regulations is to protect the youngsters since they are the most vulnerable. Besides this, any type of gambling-related advertising is banned between the hours of 6 am and 9 pm.
Each provider must make sure that every information that is provided on the individual player account is properly verified.
- Slot Machines:
Online slot machine spins must last at least five seconds and the maximum bet for each to be capped at one Euro per game. Each player who wants to play online slots is going to face certain limitations on jackpots.
- Sports Betting
This is going to be permitted on the outcome of the game, as well as events that happen during the match. This goes to show that live betting is going to be allowed, however, when it comes to exact requirements, they are yet to be uncovered.
The whole point of introducing these regulations in Germany is to unify this country as much as possible. For the time being, all gamblers from Germany gamble under a broad European Union license.
As far as gamblers from other countries are concerned, all they want is to enjoy online gambling without worrying that someone will try to trick them. That’s why these latest regulations are being introduced to make both gaming and betting safe for everyone.