What are the Product Specific Rules in Gambling?
The latest federal gambling laws generally affect the regulation of online gambling as a whole, similar to the Gambling Act of 2005, rather than specifically regulating the numerous online gambling products. , However, in some cases, the Government Ordinance did not take into account or broaden the scope of a new online gambling product or required further interpretation of the existing product. Ireland, for example, needed additional legislation to regulate its horse racing and greyhound industries and called for the adoption of the Greyhound and Greyhound Racing Act of 2001.
An example of a government that requires a further interpretation of an existing gaming product would be the US understanding of poker as a game of skill. New York, one of the most important states in the US, has found that gambling is prohibited by the federal government, but poker can not be called gambling because the scope of the skills necessary for its success is essentially based on competence and not on possibility. This small-scale governmental decision had a significant impact on the online gambling industry by allowing the creation of American poker players eliminated with UIGEA.
We revisit the complex process of US gambling regulation to find yet another example of a new or expanding gambling product that forces supervisors to reassess their regulations. The recent explosion of Daily Fantasy has hit the US, Canada and their governments at lightning speed.
UIGEA covered and essentially legalized Fantasy Sports, but did not realize that this sector would have risen from a $ 100 USD investment for one year to $ 1,000,000 in jackpots associated with “sharks” and “whales”. are flooded whole industry. This change has forced the US government to rethink its understanding and regulation of the Daily Fantasy, an ongoing adventure for our friends across the pond.
supervisors
Designing and implementing rules for the game industry is the simplest part. Enforcing these rules is the real key to the legality of the game. While the majority of gambling is illegal in the US, the US achieved sales of around $ 21 billion in 2015, the world’s second largest gaming revenue in China alone. Thus, despite the scandalously complex and strict rules of the game in the United States, the United Kingdom has only achieved seven times the turnover of gambling, which was only about 3.5 billion in 2015.
It is therefore easy to understand why the gambling industry outside federal law enforcement agencies relies on third-party regulators to ensure that all online games are legal restrictions on the country in which they take place. Most gamblers familiar with online gambling recognize the eCOGRA logo. It appears at the bottom of most high-level gaming operators.
This third-party organization ensures that the product and software are properly tested and also focuses on protecting the players and general gaming industry standards worldwide. Regulators such as eCOGRA play an important role in enforcing rules while working with law enforcement agencies to ensure that the world of online gaming is safe and fair for all.