Gambling has been a part of human existence for centuries. While it is the same at the core with regards to the element of luck that is involved, various gambling activities have evolved immensely over the years. Today, people have access to more ways to gamble than ever before. This has been great for operators and lucky players, but there have been concerns about the ravaging impacts that online gambling may have on modern societies.
It goes without saying that today’s gambling industry needs way more regulatory attention than it is currently getting. This is true for nearly all markets across the globe which points to just how deeply-entrenched the problem is.
As stakeholders, activists, and lawmakers continue to work through these issues, the gambling operators themselves have been looking to get involved. Some of the ways that they have been using to achieve this are through such things as self-exclusion mechanisms and more stringent checks for their customers.
Despite this, there is always a lot of questions to be asked. Can these gambling companies compromise on profit and instead be solely dedicated to ensuring player protection and ensuring responsible gambling? This seems to be a hard-hitting sentiment but the answer to that question is key to having a safe gaming environment. The truth is that no one really trusts the industry to initiate and go through with the necessary change.
The Case For Regulatory Intervention
Regulation has been a key part of gambling for a very long time and, for the most part, it has worked out pretty decently. Even so, there is more that needs to be done. The question is, therefore, who is willing to initiate the necessary change that will help in keeping the highly-dynamic gambling sector in check?
Key areas of concentration should be those that are often seen as loopholes of sorts. For instance, higher age limits would serve to give consumers more time to digest the implications of gambling activities. Similarly, lower deposit limits would be great in reducing cases of compulsive gambling. Banning VIP Schemes, bonuses and even free bets are also pretty solid ideas.
Are these suggestions even remotely possible? Well, the short answer is no, at least for now. The biggest problem seems to be the far-fetched ideologies that not everyone can agree on. That makes the case for a consensus and not divisive regulatory measures that would probably have more negative effects on both operators and consumers.