Online gambling, also known as internet gambling, pertains to any new online slots gambling conducted via the world wide web. When Microgaming released the world’s first online slot game, Cash Splash, punters couldn’t comprehend the revolutionary impact online gambling would have on the industry.
The online gambling industry, relatively speaking, is a fairly young industry. However, lawmakers and legislators weren’t prepared for its rapid boom in popularity. This is why, in some cases, licensing and registration succeeds after an online casino has been made operational, rather than preceding it.
What is an Online Slot Licensing Body?
To legally conduct any online gambling activity, an online casino operator needs to be licensed by a recognized licensing body. Simply put, an online licensing body is a governmental organization that upholds operators who meet certain standards. These include:
- l safety
- l security
- l confidentiality
- l reliability
- l fairness
However, it is important to understand that not every online gambling operator is licensed. Certain jurisdictions are more lenient than others and it’s here where rogue sites are set up. Thankfully, unlicensed gambling sites are relatively few in number and punters are becoming more aware of licensing criteria and needs.
Best 5 Online Slots Licensing Bodies
- The United Kingdom Gambling Commission (UKGC)
The United Kingdom Gambling Commission is one of the United Kingdom’s two gambling regulatory bodies – the other pertains solely to regulating sports betting. Established in 2007, the UKGC was formed after the government passed the Gambling Act of 2005.
The UKGC took over operations from the Gaming Board for Great Britain. Notwithstanding the obvious need for having a licensed remote gambling operation, the UK’s Gambling (Licensing and Advertising) Bill has made it mandatory for operators taking bets from UK punters to be licensed under the UKGC.
2. Alderney Gambling Control Commission (AGCC)
The Alderney Gambling Control Commission (AGCC) operates in the British Isles. The regulatory body was founded in 2000 and has relatively ‘eased’ their laws in comparison to the UKGC. For example, the AGCC involves no taxation rates compared to the UKGC’s point-of-consumption tax.
The AGCC has been able to attract operators based on their business-friendly approach and their quality maintenance. The commission does, however, collect a set annual fee from each company operating under their license.
3. Gambling Supervision Commission
The Gambling Supervision Commission is responsible for overseeing licensing and regulation of gambling operations conducted in the Isle of Man. The commission has been operational since the 1960’s and has only recently begun overseeing online gambling operations as well.
As part of their rules and regulations, online casinos are required to keep customer funds and operational expenditure in separate accounts. It is also important to note that the GSC does not restrict online gambling operators from setting up in locations besides the Isle of Man.
However, such companies would have to provide a detailed and legal explanation of why they’re choosing to operate outside of the area under their gaming license.
4. Malta Gaming Authority (MGA)
Perhaps one of the world’s most popular online gambling licensing bodies is the Malta Gaming Authority (MGA). The regulatory body has been operational since 2001 and was initially known as the Lotteries and Gaming Authority (LGA) until 2015.
The MGA currently provides licensing to over 500 gambling operators located across the globe. The regulatory body has maintained its business-friendly and consumer-friendly regulations for nearly two decades at this point.
5. Spanish Gaming Commission (Comision Nacional del Juego)
The Spanish Gaming Commission (SGC) is a fairly newly set-up regulatory body. Spain created a regulatory commission for its rapidly growing punter population to protect their rights and ensure fair play back in 2014.
Notwithstanding the commission’s age, the SGC has quickly risen to a standard at par with that of other leading European commissions such as Italy and France.
Online gambling is a fairly new concept that still requires time to build up. One way to ensure that the industry continues to rise at an exponential rate is to develop trust among punters. Online licensing authorities uphold operators to certain guidelines thereby maintaining safe and secure online gambling.
