Regulation in gambling has always been a big point of contention, between the regulators, the operators, and the players. Regulation in gambling is, of course, necessary, as it is with virtually any industry. But are there times when the regulation can get too strict, and in the modern age, this can lead to a variety of issues for consumers. It’s a complex issue, so let’s look at some of the risks associated with overly strict betting regulation.
- Curtailing innovation
If nothing else, overly strict regulations can just stifle the industry, and lead to a severe slowing of innovation. There are currently around 2,600 licensed operators in the UK providing many more games and ways to bet, in all sorts of different styles and with huge variety. Each month up to 20 new operators join, according to Findbettingsites, meaning this number is constantly rising.
As regulations get stricter and stricter, more and more elements of the business are going to come under scrutiny. As they do, it may end up being more trouble than it is worth to attempt to work around the regulations.
Thus, online casinos and gambling will not end—they will simply become less interesting and diverse. This is a big problem.
But there are even worse potential issues we are seeing played out elsewhere in the world.
- Sending bettors offshore
In the modern age, it is becoming easier and easier to navigate around local regulations in online services. For this reason, what is very likely to happen as regulations become stricter and stricter is that players will simply take their custom to deregulated, offshore betting markets.
In Sweden, for instance, betting regulations have become cripplingly tight in recent years. As this happens, more and more are simply taking their custom to offshore betting markets, where the regulations do not apply, and they can bet a great deal more freely. There is no reason to doubt we will see this played out here, too.
There are a greater range of risks associated with offshore betting, too. While there are international regulatory bodies, there’s very little guarantee you are using a legitimate site. This puts you at risk for all sorts of reasons.
Ultimately, then, stricter betting regulation does not address the root of the problem.
- Failure to acknowledge root cause of issues
Gambling is a part of modern society—most would agree it is not going to completely disappear anytime soon. But problem gambling is also a huge issue. In the UK, around 2.2 million people are potentially problem gamblers. Average debts sit around £10,000 before these bettors get any help.
Regulating the market does nothing to address these issues. While this doesn’t mean we leave the industry unregulated, regulation alone isn’t going to address these problems. Greater support outreach must be implemented for those who struggle financially and thus turn to gambling, and also to those who suffer with addiction.
This follows on from the previous point. If you have a problem gambler who wishes to play in a certain, unhealthy way, and their domestic options are taken away by regulation, this will not be a moment of self-reflection, for them. They will just take their betting offshore, where they remain at the same if not greater risk from their problem.
Regulation is always important, but it’s also important that the regulations are decided on by people who understand what they are regulating. Good faith and the best intentions are not much good if the regulations ultimately end up making the problems worse. Particularly, the fact that just taking your betting to unregulated, offshore markets is now easier than ever. We must address the root cause of problem gambling.
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