Focus on Compliance in the Online Gaming Industry
Online gaming sites have become more attractive than land-based gaming establishments for numerous reasons. While convenience, accessibility, and cutting edge gaming technology are some of the major benefits, a main draw to online casinos is that they are safer due to rigorous compliance and regulation protocols. Players need to have confidence in their playing environment and online casinos offer a more reliable and less error-prone setting. Knowing that customer satisfaction is crucial to success, online gaming sites are putting a major focus on adhering to compliance protocols and regulations.
These strict compliance measures make sites more trustworthy by ensuring that they comply with the strictest rules and regulations. These regulations make online gaming venues safer than their brick and mortar counterparts and consequently increase customer confidence.
Because it’s easier to supervise and audit an online casino, they are less prone to fraudulent behavior such as money laundering and criminal activity. While it would be impossible to see every physical thing happening in a real casino, regulators have full access to online sites to make sure everything is running according to regulation.
There are specialized regulatory bodies that oversee an online casino’s operation and to guarantee that they follow and comply with the rules. These establishments subject online gaming sites to meticulous and thorough testing processes and bestowing certification to those that are worthy.
Two of the main gaming regulators and testing labs include:
1. eCogra (eCommerce and Online Gaming Regulation and Assurance)
eCogra is an independent lab and testing authority that audits gaming sites. It is not required to have eCogra approval however it helps build a site’s trustworthiness. It’s important to mention that not all sites are approved by eCogra, and not all of their approved sites are completely reliable.
2. EGBA (European Gaming and Betting Association)
The EGBA is a Brussels based organization that works towards the regulation of the gaming industry. In addition to operating in the online gaming sector, EGBA also operates in the sports betting sector. Comprised of six sports betting companies, EGBA encourages the founding of safe and reliable virtual gaming environments for online players.
The importance of fair gaming regulations
As the industry grows, we can see a rise in its rules and regulations. Currently, online gaming sites need to comply with a long list (and getting longer) of specific requirements. Some of the protocols needed to be adhered to include KYC (Know Your Customer) and AML (Anti Money Laundering). These protocols help prevent money laundering and unethical business practices.
In addition to standard gaming regulations, online gaming sites need to comply with banks, payment providers, and other financial institutions. Failure to comply with these partners’ requirements can result in banking and payment services to be shut down. This can be very devastating to a gaming business, even if it holds an online gambling license.
The regulation process and maintenance may sound complex and daunting, however it’s worth it. Consumer confidence and satisfaction is essential and does a great deal for a business. Since the online gaming industry has been working towards complete legitimization, a government backed seal of approval helps them reach that goal.
In conclusion, online gaming has become a legitimized, respected, and regulated industry. It’s very important to put compliance at the forefront of your business to ensure your sites trustworthy reputation and to build valuable relationships with customers, employees, and government bodies.
Want to find out more about regulations and compliance for your gaming business? Please contact us and we can provide you with further information.[/fusion_text]