Have you ever heard of the term iGaming? This word might bring to mind the gaming industry, including video games and major consoles, but it actually relates to the world of online gambling. iGaming tends to cover a broad range of definitions, including betting, playing casino games, and other gambling activities.
Around the world, millions of players regularly seek out their favorite virtual casinos and table and card games. In fact, virtual casinos were some of the very first accessible platforms launched on the Internet back in the 1990s. Fast forward three decades and the digital iGaming industry is mature, varied, and hugely popular.
But how does the modern industry work from a regulatory point of view? Given the global popularity of online casinos and other betting forums, it’s important that there are unified rules, regulations, and industry standards that hold up internationally. Let’s dive into the world of online casinos to learn all about iGaming from a variety of perspectives.
Maintaining Global Precedents
Before we dive into the nitty-gritty, let’s take a closer look at the purpose of an iGaming (or a gambling) commission. Above, we outlined that their primary purpose is to hold casino providers to rules, regulations, and standards. This is where the term ‘commission’ comes from, as these organizing bodies are responsible for making sure each provider meets the regulations and licensing necessary to run legally. Much like our new energy commission here in Nigeria is tasked with similar duties related to the energy industry.
Aside from meeting licensing regulations, iGaming commissions also enforce things like annual audits and inspections, prevent illegal activities like money laundering, and ensure that each provider offers a safe and quality experience to players. The commission itself upholds these standards for legal reasons—and also for its own reputation.
That’s because casino providers can decide which iGaming commission regulates it. This is determined by regional location, as iGaming commissions are tied to countries.
Gambling Commissions Across the World
If a country has an active online casino market, then it has an iGaming commission. The commission is responsible for regulating casinos that are run from their country. So, a casino company that sets up shop in Malta is regulated by the Malta Gaming Authority; the same for Sweden’s Spelinspektionen and the UK’s Gambling Commission.
Once a casino is set up in a country and is being overseen by a commission, it can export its platform abroad by following domestic regulations. Commissions help casinos maintain their licensing by following these regulations, along with providing the services mentioned above.
Generally speaking, Europe has the strictest regulations for iGaming companies. Malta is a notable exception. To help boost its economy, this tiny island nation opted to go all-in on iGaming. They’ve made it easy for companies to set up on the island, which is overseen by the aforementioned Malta Gaming Authority.
What Makes a Gambling Commission Better than Another?
Clearly, a new casino company’s executives will think long and hard before opting to set up shop in a certain country. Depending on the country, they’ll face a series of different regulations. As we just mentioned, the EU is known for its strict gambling laws. This relates to regulations like geo-blocking and electronic identification, which are trickier to abide by.
Malta, for example, has fewer regulatory boundaries. But given these regulations are relatively standardized around the world, it’s not solely a question of regulations. In fact, one of the primary reasons that casino brands opt to set up shop in Malta is thanks to its tax incentives and iGaming infrastructure.
Compared to other countries, Maltese casino providers aren’t taxed quite as heavily. On top of that, because there are so many iGaming companies active in the country, there’s added support for newcomers. This includes legal frameworks to help set casinos up for success and highly technical guidelines from the MGA (Malta Gaming Authority) that offer an outline of how casinos can get started in relation to meeting regulations.
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