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The aim of online gambling was to make gambling more accessible to people who cannot afford to travel a thousand miles, just for the thrill. Today, any individual above 18 years of age or 21 years of age can easily access an online sportsbook or casino for an exciting gambling session.
Though gambling can be a really entertaining and thrilling passtime, it also comes with various negative consequences. It can result in hefty financial losses or can become an addiction for your customers.
Hence, for the protection of consumers and to carry out gambling activities in a manner that’s socially acceptable, companies are required to promote and comply with the rules and regulations of responsible gambling.
What is Responsible Gambling?
You must have heard the term responsible gambling several times. But what is responsible gambling it exactly? Responsible gambling is for punters, which means that they need to conduct themselves in a manner that’s controlled, mindful, and balanced.
The concept of responsible gambling was created so the gambling activities are carried out in a healthy manner. Gamblers must be aware of what they are getting into and potential risks of gambling. Basically, it’s using gambling as a mode of fun, not as a mode of income.
Responsible gambling was also created for prevention. Prevention of unhealthy gambling habits. That’s why, operator’s need to keep their customer base educated about the possible negative consequences of the gambling, to prevent addiction from developing in the first place. Some of the areas of responsible gambling are directed towards operators as well.
There are seven key areas responsible gambling you need to comply with. Let’s take a look at each one of these.
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7 Key Areas of Responsible Gambling Areas
The seven key areas of responsible gambling are as follows:
Prevention of Gambling Addiction
The stories of people getting addicted to gambling aren't uncommon. People get consistent urges to gamble, they start using gambling as an escape instead of entertainment, they start treating gambling as a source of income, and they chase their losses in the hope of winning more money. These problems leave people with ruined relationships, debt, conflicts and depression. According to the National Council on Problem Gambling, 2 million people in the USA alone suffer from pathological gambling. Apart from this, around 4 to 6 million people are labelled as problem gamblers that suffer from problem gambling for years and years. In the UK, gambling operators are required to offer various tools that help with gambling addiction. These tools include Self-exclusion, Time limits, Reality checks, Permanent account closure, Account tracker and credit/debit card restrictions.
Prevention of Underage Gambling
According to the independent, more than 50,000 children have gambling problems. Underage gambling is a crime and can result in hefty fines and penalties. The fines can range from $500 to $1000 and penalties can include suspension of driving licence, jail time, community services and probation. Hence, operators are required to do KYC checks, verification of documents and age verification of punters who sign up on the platform. Some sportsbooks and online casinos are also demanding live videos of people who are willing to sign up on these platforms to overcome underage gambling. It is also advised to parents to talk to children about the impact of gambling to bring more awareness. Depending upon the location, the legal age to gamble is 18 or 21.
Prevention of Criminal and Fraudulent Activities
Online gambling platforms deal with massive sums of money. Every single hour, hundreds and thousands of transactions take place which attracts criminals. These criminals look for financial and private data of customers and make use of various techniques to attack on the website. Hence, online gambling software operators must conduct an identity verification before onboarding any new user on the platform, make use of highly secure payment systems, monitor player activities, block any activities related to money laundering, and perform security assessments to ensure the website offers a safe environment for gambling.
Privacy of Customer Information
Today, misuse of customer data is one of the biggest challenges for every online business. And online gambling platforms are no different. Every customer holds the right to privacy and when they enter sensitive information about themselves on any sportsbook or online casino, it becomes important to protect it, without any breach. To achieve this, it’s crucial to have secure data storage and deploy data protection policies. It’s also important to collect limited information that serves the purpose. Also, if you are going to share the data with any third party, make sure you declare that upfront when your customer signs up on your platform. Lastly, it’s essential to conduct security checks and stay transparent about your data-collection policies with your customers.
Secure Customer Payments
Deposits and withdrawals are a huge part of any online gambling platform. Thousands of punters make transactions every single day. Hence, it’s crucial for online gambling operators to provide safe modes of payment and to keep all the financial information of the punters safe and secure. For keeping critical data safe, several sportsbook operators and online casino operators deploy several strategies. These include data encryption, tokenization, and two factor authorization. It is also advised to partner with reputed payment gateway providers. It is also highly recommended to conduct security audits and make use of fraud detection tools on your platform. Lastly, it’s important to have an incident response plan to ensure necessary steps can be taken if any security breach takes place.
Responsible & Ethical Marketing
Irresponsible advertising is one of the key factors that contribute to underage gambling. Hence, it’s crucial to advertise responsibly and honestly. It’s important to include accurate information in the adverts about terms and conditions. It’s also important to educate your customers about responsible gambling in the advertisement. It’s also crucial to direct the advert to a certain set of target audience that’s above the legal age of gambling.
Secure Gambling Environment
One of the most crucial aspects of any online gambling platform is a safe and secure environment. Online sportsbooks and online casinos should be places where people can have fun without any security risk and threat. Hence, it’s crucial to conduct thorough checks of accounts, provide secure payment modes, provide complete data protection, take anti-fraud measures, provide fair results, along with responsible gambling tools.
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How GammaStack can Help You Stay Responsible
GammaStack is one of the most trusted and esteemed online sports betting software as well as online casino software providers. The software solutions we provide come with all the necessary tools that help you stay responsible.
These tools include Self-exclusion, Account tracker, Reality checks, Permanent account closure, credit/debit card restrictions and Time limits which help you combat gambling addiction on your platform.
For the prevention of underage gambling, we offer you tools that help you perform automated KYC checks to ensure your customers are of legal age.
In addition to this, we also arm you with anti-fraud tools that allow you to keep your platform safe and secure. The tools help you track and eradicate any fraudulent activity effortlessly.
To ensure the protection of your customer’s financial data, we have partnered up with some of the most renowned payment gateway providers that help you keep your customers secure. These payment gateway providers deploy all the necessary methods required to keep sensitive information safe from the attackers.
With our marketing assistance services, we help you market your platform responsibly. We only market to legal age groups and also educate potential customers about responsible gambling.
Lastly, we provide you safe online sports betting software solutions and online casino software that help you create a highly secure gambling environment for your players.
FAQs
Legal age of gambling varies from location to location. In some places, the legal age is 18 where as in other areas, the legal age is 21.
We offer some of the renowned payment gateways such as Paypal, Neteller, Skrill, VISA and many more. We can also integrate the third-part payment gateway of your choice.
Some of the tools include Self-exclusion, Account tracker, Reality checks, Permanent account closure, credit/debit card restrictions and Time limits which help you combat gambling addiction on your platform.
With the help of automated KYC checks, you can make sure your customers are of legal age.
Yes, our post launch services include marketing assistance which allows you to reach the masses, responsibly.
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