Over recent years the legislation around online casinos has been changing rapidly with an overall focus on tighter regulations. The iGaming industry has needed to move quickly to comply with the stricter industry regulations and the situation is constantly evolving.
But what does all this mean for the industry and players alike and what does it mean for the future of the iGaming industry? It’s time to take an in-depth look at the effect increased regulations are having on online casinos as we approach 2020.
Protecting Casino Customers and Increasing Trust
These increased rules and regulations are aimed at creating a safer playing environment for customers who wish to enjoy all that an online casino has to offer. By tightening up industry regulations, a player searching NetEnt casino no deposit free spins online, for example, can be more confident of finding a legitimate online casino bonus.
However, with that said, the types and styles of bonus offer which casinos are permitted to advertise are changing due to increased regulations. Where once there was a flood of ‘free spins’ and ‘free cash’ offers everywhere you looked, you are now more likely to see terms such as ‘bonus spins’ and ‘bonus cash’ at online casinos.
New regulations have made it harder for casinos to advertise something as ‘free’ when there are wagering requirements or other conditions attached to it. This comes as a benefit to players who are now more likely to know exactly what a bonus offer involves before they sign up to it. This, in turn, increases trust in the individual casinos which adhere to the regulations as well as the iGaming industry as a whole.
There has been a host of negative headlines in the media associated with online gaming incurring fines for breaking the rules set by international licencing bodies. If players can see that the rules are being enforced properly they may be more likely to feel protected by regulations when playing for fun at an online casino.
Protecting Online Casinos and Their Profits
Although the iGaming industry might be tempted to see increased regulations as negative, there are opportunities to be taken from the situation. By putting in place increased checks on their customers sometimes referred to as Know Your Customer (KYC), they are in effect protecting their own interests.
Rogue players at online casinos who are looking to game the system or worse commit fraud can prove to be very harmful to an online casino business. Background, ID and financial checks which new regulations may require will help the casino to weed out any potential harmful players or fraudsters and report them.
A Chance to be the Good Guys
Some iGaming business are already using increasing legislation to their advantage by highlighting how they are being proactive. Rather than waiting to be punished by not following all the rules, some businesses in the industry have seized the initiative and gone for full-on compliance.
Spinning this as a positive has now become a big USP for some casinos and bookmakers online who are looking to push player safety front and centre. This is helping to restore some trust in the iGaming industry at a time when they are hitting the front pages for all the wrong reasons.
The bigger casino and sportsbook brands, in particular, are using the player safety angle to attract new players and retain existing customers. Some have even purchased dedicated domains to highlight the risks of online gambling and how they are caring for their customers.
Only time will tell how far the regulations will go and how much they will affect the profits of the companies involved in the iGaming sector.