Possible Changes in iGaming Laws
Today, each country has its own legislation for the gambling industry. However, most of the legal acts and laws are fully subject to international law.
The online gambling market is developing very dynamically. Every month, licensed providers develop new varieties of games and tools for the work of such companies. In this regard, it is necessary to regularly update the legal framework in this area. Without adapting the legislation it will be difficult to conduct legal regulation of such structures. Thanks to this, they will be able to reorganize and work without violating international and local laws.
Shifting Regulatory Paradigms
The volume of transactions within online casino systems, including the CrazyTime game, is increasing every year. This became possible because online casinos began to accept payments in cryptocurrency. They also began to add new opportunities for players (in addition to games, adding bets on sports events, etc.). These trends are forcing the introduction of new rules to regulate online gambling.
Another important factor is the legalization of online casinos. At the moment, this business is considered a “gray zone” in most countries. But in the coming years, this should change. Legislation has started to appear in many countries that allow online casinos to operate officially in their territory.
It is also important to strike a balance between the growth of the gambling industry and the protection of user rights. Every year, a fairly large number of new platforms appear in the industry. Unfortunately, a considerable number of them are created by scammers. It is impossible to quickly calculate them. But you can use technologies that will allow even inexperienced players to distinguish a legal casino from an illegal one. So, it is important not to forget about the safety of users. Creating legislation that will protect players’ rights and earning opportunities is necessary.
Embracing Technological Advancements
An interesting trend is the use of technological advances in the development of gambling. Analysts identify 3 main directions in this matter:
- use of cryptocurrencies for settlements;
- use of virtual reality technologies;
- protection of client data.
The use of cryptocurrencies means that it is necessary to make extra adjustments to the legislation of countries with online casinos. This will lead to the legalization of cryptocurrency payments. Also, it will contribute to the renewal of the gambling industry’s financial resolution.
The use of modern technologies helps to develop the interest of users in new games and their capabilities. This trend helps to adapt the legislation of countries with casinos to the rapid changes in the laws of this technological format.
It is equally important to fix the tools at the legislative level that will ensure the protection of user data. For example, they may set the least requirements for data encryption protocols. This will prevent companies from using weak encryption protocols. Weak security systems can be hacked by experienced scammers.
International Cooperation and Standardization
In international law, not all countries legalize playing in online casinos. Over time, some countries began to amend their local laws. But, this process is not going as fast as many users would like.
Since most countries have no direct ban on their operation, online casinos must be licensed and operate honestly in the market. In many states, some structures track the work of illegal casinos on the territory of these countries. As a result, such resources are instantly blocked.
For example, in the Netherlands, there is a special committee that monitors the work of online gambling and can even issue licenses. The creation of such a committee in Europe was received with enthusiasm by many. And it is expected that this process will also begin in other states.
Besides, preventive methods have not yet been prescribed in international legislation to citizens who create illegal online casinos. So far, there are only financial penalties in some countries. Yet, it is quite possible that over time, articles about gambling fraud will begin to appear around the world.
Recently, many analysts began to call live-streaming games the future tool for the development of online gambling. As for other games, there are no tools to regulate this direction yet. But, there is a high probability that in a few years in many countries there will be changes. These innovations will help develop legislation for these types of entertainment.