Wednesday, November 29, 2023

Regulation is the Key Way to Protect Customers

When discussing gambling, the word ‘regulation’ is never that far from being mentioned. Just like other industries that can produce both revenue and harm, gambling needs to be controlled. 2022 has seen plenty of new regulations introduced, particularly in Europe. What does 2023 have in store for the gambling industry?

It has been another good year for the US gambling industry. There have been more states that have made sports betting legal. The most notable of these was New York who launched legal mobile sports betting in January. 

They had seen the huge amounts of dollars that New Jersey had been receiving. Since January, New York has regularly seen a billion dollars wagered each month. That’s more likely when the NFL and NBA seasons are in full flow.

Early 2023 will be massive for US states with the NFL reaching its climax with the Super Bowl in February. January will see the launch of sports betting in both Ohio and Massachusetts. In the latter state, that will only be in-person betting. Mobile sports betting is expected to follow soon after

Regulation of the gambling industry does of course take place in the US, It is important this is the case because without it, gamblers will be at risk. Those gambling companies that operate in the US and now in New York have had to apply for (and pay for) a license to offer wagering services and new customer bonuses like this BetRivers NY promo code, legally. If they act wrongly then that can be taken away, NY Bet, sports betting aggregator reported.

Help is given to those customers that suffer gambling harm and action will be taken if there is underage gambling. This is so important because if players register accounts with the so-called ‘underground’ sites, that protection simply isn’t there. It’s one reason why states want to make betting legal to put a level of protection in place.

American companies must look at other countries and worry about their future. The growth in the US gambling industry hasn’t just been restricted to new sportsbooks being launched. Once a launch takes place, this leads to the need to advertise it.

This has seen an increase in the number of gambling-related advertisements that are seen online, on the radio and on television. Sponsorship of top NFL and NBA teams is also commonplace now. 

Advertising and sponsorship is a controversial subject in other countries, especially in Europe. Those who campaign against the gambling industry point at these and believe that they need to be restricted. That has been the case in Spain and the Netherlands with advertisements only allowed at certain times.

October of this year saw new rules being introduced in the UK.. No longer can gambling-related advertisements feature sports stars and celebrities who are seen as role models by youngsters.  There are also moves to end sponsorship deals with English Premier League clubs.

2023 will see more regulation of the gambling industry. It’s not always the government that takes the action. The UK Gambling Commission has issued fines worth millions of pounds this year. Breaching the rules regarding social responsibility and anti-money laundering procedures can ultimately end in a license being lost.

As the gambling industry expands, it has to be controlled. Sportsbooks need to ensure they keep a close eye on their customers. If they show signs of gambling problems, they must be offered help. Failure to do so may lead to stricter regulation being introduced in the future.


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