Who needs online gambling regulation?
Who needs online gambling regulation? The answer is: just about everybody. Online gambling has proven to be a lucrative source of income for both players and site owners alike. However, because of the plethora of gambling regulations in various countries and states, players and owners are forced into an adversarial relationship that benefits neither.
One problem with online gambling is the location of the servers and sites. Although the owners of most online gambling sites are residents of first world countries, many are forced to locate in third-world countries in order to avoid the welter of local regulations regarding gambling in their home districts. Because of the scattered and unrepresented nature of the sites they have no pull with the authorities. It might sound counter-intuitive but regulation would also guarantee representation. Laws in first world countries are written with the advice of the regulated industry. An unregulated industry, while it doesn’t have to answer to any government, also gets no protection from the government. We can see from the example of Nevada that regulated gambling can be immensely profitable when closely and carefully regulated.
Another problem with online gambling is payment. Due to the far-flung nature of the industry the credit card is the only practical method of arranging payment. Credit card companies tend to, particularly in the case of unregulated gambling sites, take the side of the cardholder in any dispute. This means that the site owner has no real leverage to assure payment. With the advent of regulation this issue could be addressed by legislation. Having the governments guarantee that payment, no matter in which direction it flows, is assured would make the industry much safer for both players and site owners. It should also expand the number of players once they knew the sites could be trusted.
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