Upcoming Changes within the Gambling Industry
Upcoming Changes within the Gambling Industry
Despite the pandemic, the iGaming industry has grown at an alarming rate. There are many reasons why online gambling has become popular especially in the pandemic. Not only does online gambling offer punters a safe way to gamble on their favorite games, but it is easily one of the most convenient ways to gamble, especially when you put mobile gambling into consideration.
With more and more people having increased access to steady internet connections, online gambling is quickly becoming the norm rather than the exception. Because of this increased demand for online casinos and their products, there has arisen a need to adjust current gambling laws to fit the more technologically advanced times that we find ourselves living in today.
The terms of the review vary from one country to the next. However, in all instances, it is apparent that certain issues and topics need to be addressed such as the protection of vulnerable gamblers and minors. Reforms are also expected in gambling advertising, sponsorship, as well as branding.
Although a review of the gambling laws is not something welcome by all, it is necessary. Reviewing each country’s gambling laws is a great opportunity to create more enhanced safeguarding systems within the industry while overhauling laws that are either archaic or irrelevant to today’s modern gambling climate.
All in all, all countries must adopt a public health approach that emphasizes gambler safety. The number of people suffering from gambling-related problems and addictions is dramatically on the rise and the situation cannot be left unchecked for much longer. Gambling-related harm runs the gamut from serious job and money losses to relationship breakdown and suicide in worst-case scenarios.
Most gambling laws in place now have been out of date for some time, and because more people than ever are choosing to gamble online amid the pandemic, the changes within the gambling industry have not only become necessary but have become crucial. So let’s take a look at some of the changes that you should expect within the gambling industry:
The existing 2005 gambling Act in the UK has been under a lot of fire in the recent past and it is easy to see why. The Act is extremely archaic, to say the least for the digital age where gambling has become embedded in every facet of modern life; on TV, online, in our grocery stores and supermarkets, and high streets.
Researchers state that there are just about a million problem gamblers in the UK. Each of these people has been severely affected by debt, depression, family breakdown, and death. And the stories are stacking up faster than anybody anticipated especially in the UK which has one of the most robust gambling markets in the world and it has led to outrage.
So much so that for the first time in UK’s history, there is a cross-party consensus that change is imminent. Several politicians have asked for reform and they have received a coterie of overwhelming support from every faction. With the last major review conducted in 2001, the UK government is now reviewing its gambling laws.
The review is expected to focus on several areas including establishing protections for online punters by introducing things like stake and spending limits. The review is also expected to analyze how advertising and promotions in the gambling industry ate done with plans to add extra protection for young adults and minors.
South Africa has one of the most vibrant betting markets in Africa. As a matter of fact, the SA government relies heavily on the revenue that is generated from gambling tourism from its extravagant and larger-than-life land-based casinos. However, iGaming except for sports betting is banned in the country and it has been this way since the last review was carried out in 2008.
With the internet and mobile use growing in the country, some agree that it might be time for SA to carry out another review. Indeed, iGaming has become a lifeline to countries where retail casino revenue has dropped drastically. As such, if SA wants to generate as much revenue as possible while ensuring market maturity, then it may be time to finally pave the way for iGaming in South Africa.
Gambling has been a mainstay in America for a long time. However, it was only 3 or so years ago when the Supreme Court gave each of the states the mandate to legalize and control sports betting. As a result, the sports betting market in the USA has grown to become one of the most lucrative in the world.
But things haven’t been the same for iGaming. So far, only a handful of states including New Jersey, Michigan, Pennsylvania have iGaming. The good news is that more and more states are looking to legalize iGaming this year, thanks to the low state reserves resulting from the pandemic.
Sports betting is also growing fast across the states. Last year, a total of 20 states including the District of Columbia had active sportsbooks. An additional 5 approved sports betting and of the remaining 25 states, as many as 15 could legalize sports betting this year.
The upcoming changes in the gambling industry have been long overdue in many countries. Reviewing the laws is the first in many steps needed to make considerable changes in the market for positive change especially as it regards vulnerable gamblers. That is why these changes aimed at informing new laws are so welcome.
The gambling industry needs laws designed to prioritize the protection of individuals that are currently suffering or likely to suffer from gambling-related harm. So hopefully, these changes will help to bring the reform that is needed.
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