Online Gambling Growing Strong With Regulation

Published Tuesday, October 21, 2014 - Online-Casinos.com
Online Gambling Growing Strong With Regulation

There is no doubt that online gambling is here to stay and it’s growing at incredible rates. Over the last decade the online gambling industry revenues have increased from just over 7 billion USD to an estimated 37 billion USD in 2013. Global sports bets won and lost alone has gone from almost 24 billion USD in 2004 to over 74 billion USD in 2012.

It has been regulated and continues to be administered by various agencies around the world. The U.K. Gambling Commission was one of the first was set up under the Gambling Act 2005 to regulate commercial gambling in Great Britain. On 1 October 2013 they also took over the responsibilities of the National Lottery Commission to regulate the National Lottery under the National Lottery etc. Act 1993. The entity is an independent non-departmental public body sponsored by the Department for Culture, Media and Sport. Just over two hundred individuals work for the Commission. Their work is funded by fees set by DCMS and paid by the organisations and individuals the body licenses and, in regard to National Lottery functions, grant funds are allocated by the National Lottery Distribution Fund.

The regulations are transparent, accountable, proportionate, and consistent. Usinga risk-based approach, they focus their resources on those issues and operators that potentially present the greatest risk to the licensing objectives. All commercial gambling operators which hold a licence under the Gambling Act must comply with that legislation and, Licence conditions and codes of practice (LCCP). The National Lottery operator has a separate licence, the Commission makes sure that the operator delivers as much money as possible for good causes.

The combating of illegal gambling activities and betting related corruption in sports is also high on the Commission’s priority list. The U.K. Gambling Commission will soon add different criteria to its regulatory platform requiring all online gambling operators to hold a U.K. license in order to offer their services in the punters in the United Kingdom.

 

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