Internet Casino and Global Gambling Jurisdictions
In this section we’d like to introduce you to the various gambling jurisdictions. The last decade or so has sparked a significant increase in internet gambling sites across the globe, hence the reason most countries decided to regulate and tax it. Governments imposed the necessary regulatory framework to police the licensing and operations of all internet casinos that fall within their jurisdiction.
In the event any internet casino wants to operate within a specific jurisdiction it must first apply for a license from the regulatory body in whose jurisdiction it wishes to operate. Today highly regarded gaming jurisdictions carry out detailed spot checks before granting any casino license, unfortunately there are others that don’t follow these criteria before issuing a casino license.
“It’s imperative that internet casino players understand where the various reputable gaming jurisdictions are situated and should wager only at internet casinos licensed in those jurisdictions. In the event players wager at internet casinos that are not from trustworthy gaming jurisdictions there’s always the added risk of being duped because of fraudulent software or because the casino refuses to pay out a player’s winnings.”
There are three areas reputable gaming jurisdictions investigate first before issuing the applicant internet casino with a license. Who the promoters are, have the casino games been certified by a RGN (Random Number Generator) as well as the intention and means to pay winners. Nowadays internet casinos must provide the necessary information outlining their past and present dealings plus the organizations or persons they work with, in conjunction with financial statements and references.
In general professional agencies like PricewaterhouseCoopers conduct monthly audits of the casino’s average payout percentage for all its casino games by subjecting it to risk analysis before licensing and the proper reporting of the house edges or payout percentages. To ensure that the winners are paid it’s imperative to first gauge the financial strength of the applicant and to ensure that its payout system is automatic and transparent. Most gaming jurisdictions encourage players to report any discrepancy of an internet casino that’s been issued with a license in their jurisdiction.