BGC Unveils International Guide for Online Gambling Regulation
The Betting and Gaming Council (BGC) has published its first International Best Practice Guide, a resource created to help both policymakers and online gambling operators understand the intricacies of regulation in the industry.
BGC releases International Best Practice Guide for online gambling regulations.
LISTEN TO THIS ARTICLE:Created with the professional services firm Alvarez & Marsal (A&M), the guide offers a global overview of regulatory frameworks, highlighting key goals and approaches employed by various jurisdictions.
Explaining the Aim of Gambling Regulation
The guide details numerous primary objectives shared by regulators worldwide, including ensuring that gaming takes place within regulated markets (high channelization), safeguarding consumers (especially vulnerable groups and minors), maintaining consumer choice, preventing crime linked to gambling, and generating tax revenue.
By examining different regulatory approaches from multiple regions, the guide provides insights into the strengths and weaknesses of each system.
The release of this guide comes after three decades of rapid growth in the online gaming sector. In 1994, only a small number of regions offered online gaming, but today, over 100 jurisdictions are involved in regulating the industry.
A recent study commissioned by the BGC found that 1.5 million people in the UK gamble on illegal platforms, putting as much as £4.3 billion ($5.6 billion) at risk annually. The BGC’s guide seeks to address this by helping policymakers create balanced regulations that protect consumers while preventing the risk of dangerous gambling alternatives.
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Through effective regulation of this new growth sector, governments can achieve their core priorities of raising taxes and boosting growth and jobs while delivering high standards for player protection. In the UK, we have seen that firsthand, where balanced regulations have created a sector which raises billions in tax and investment in the economy, while supporting tens of thousands of jobs.
Hurst officially launched the guide at the G2E conference in Las Vegas, providing an in-depth look at the various regulatory strategies available to policymakers and operators.
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