Internet Gambling Regulatory Bodies Up the Ante
Internet gambling operators receive their licenses from Regulatory authorities if they adhere to certain criteria. However, in order to ensure that players are protected it is imperative that they update their conditions as the gambling landscape changes.
Alderney Gambling Control Commission
The Alderney Gambling Control Commission (AGCC) is regarded as the most reputable gambling regulatory authority. However, last year it slipped up badly since Full Tilt Poker diverted deposits it owed its players. The online gambling community felt that the AGCC did not uphold its end of the bargain. As a result the AGCC decided to amend its license regulations to prevent something like this from happening again.
Assigned solely for this purpose license holders were told by the AGCC to hold the funds of their customers in an exclusive bank account. Every month licensees must indicate to the AGCC that they comply to this regulation. For each bank account of its registered customers, licensees must establish an approved internal control system. Numerous other changes have been announced as well.
Responsibilities of Online Gambling Regulatory Authorities
Regulatory bodies must also prevent unlicensed internet gambling operators from operating in the market. This has always been a major problem because it is very difficult to define geographical limits. Spain is now a fully functional regulated jurisdiction.
The Spanish General Directorate of the Game (DGOJ) compiled a list of 80 illegal online gambling operators. The DGOJ said that 55 of these sites are no longer in operation and they do not accept Spanish players any more. The head of the DGOJ, Alejo said that his organization initiated disciplinary steps against these sites. As part of the certification process the DGOJ instructed its licensed operators to set up an Internal Control System. If they fail to do so this might have a negative impact on the final license approvals scheduled for late 2012.
Malta Gambling Jurisdiction
Malta’s Minister of Finance, Economy and Investment, Tonio Fenech spoke about Malta’s online gambling growth. In the internet gambling arena, The Lotteries and Gaming Authority of Malta (LGA) is one of the oldest regulatory authorities. Fenech said that licenses granted by the LGA doubled to 425 since March 2008 and the amount of employees employed by this sector doubled to 4,000. In the ancillary businesses employment now totals 7,000. Malta’s online gambling industry yields more or less €22 million per year in license fees and taxes.[addtoany]