Who Regulates Online Sports Betting?
Online sports betting emerged when the internet catapulted digital platforms into fame. These have been around for quite some time now, with more and more people finding it convenient to access the sites and bet on their favorite sports games. Over the recent couple of years, there have been a number of online sports betting platforms available for those bettors.
In order to ensure the safety of the bettors using these digital channels, several regulations have been put into place, depending on the jurisdiction of the operator. One question remains though, and that is who regulates online sports betting.
Licensing agencies
The licensing agencies have a significant role in regulating online sports betting, such that it is acceptable to state that they are the ones endowed with this responsibility. There are several licensing agencies that cater to various jurisdictions. While their terms and requirements may slightly vary, the basic principle on their regulation remains the same.
Hence, below are some of the common requirements that an online sports betting provider needs to fulfill before being certified as a reputable site.
- Periodic testing and validation of the random number generator software, or the RNG
- Publish the return to player, or RTP, of each of the games they offer to the users
- Display elapsed playing time in all their gaming software
- Set deposit limits
- Provide contact details such as phone number, email address, as well as online customer chat support where users can get in touch with them
If a site is able to fulfill these provisions, then they are granted with the proper license and certificate to operate. In cases of customer complaints, licensing jurisdictions often provide a customer dispute hotline where customers can raise their concerns against the licensed platforms. The official licensing bodies review these disputes filed and once they establish that the complaint is valid, they may withdraw the license that they have granted to a certain platform.
What does a license mean to online betting site operators?
In return, licensed sites are awarded with the legitimacy and financial trust bestowed upon them because of their certification. Their license is often the first thing that bettors look for before registering in a platform, apart from the variety of games and entertainment avenues they offer. Some sites leverage this license to offer casino games and slot games including Joker123, which is also referred to as Slot Joker Online. These additional games that are now available on various licensed platforms, makes it easy for gamblers to access everything they need in a consolidated platform.
It can be deemed that online sports betting is here to stay, with more people venturing out into digital platforms that reach a wider range of audience. It goes without saying that while the sites continue to scale, bettors become vulnerable to scams and those with malicious intentions to take advantage of others for their own benefit. Fortunately, there are already certain regulations that are put into place to protect both bookmakers and bettors and ensure an ultimate sports betting experience for each and every one.
