As the global online gambling market rapidly expands, more countries are legalizing different forms of betting and gaming.
For example, in Canada, single-game sports betting is no longer prohibited, which is set to pave the way for a new era of online gambling in the country. However, compliance and regulation will be key factors in supporting Canada and its emerging online casino market.
Read on to find out why compliance is so critical and what’s being done to facilitate this.
Why is Compliance Important?
When it comes to online gambling, compliance is paramount. This is because online gambling is a highly regulated industry with strict rules and regulations that must be adhered to in order to protect players, ensure fair play, and maintain the integrity of the games.
Compliance ensures that all operators are following these rules and regulations, which helps create a level playing field and a fair gambling environment for all. However, depending on the country in which the online casino company is registered will mean a different set of regulations and rules to adhere to.
With the internet and payment methods in a constant state of change and flux, this also means that regulation boards and authorities are always updating their protocols to reflect this.
Canada and its Compliance Regulations
In Canada, online gambling is regulated at both the federal and provincial levels. The Criminal Code of Canada prohibits any type of betting or gaming that takes place outside of a licensed establishment.
However, the recent changes to the law regarding single-game sports betting means that online gambling is now allowed as long as it is offered by a licensed operator.
At the provincial level, each province has its own gaming authority that is responsible for regulating and issuing licenses to operators.
Ontario is the first province to fully embrace these changes and build an open iGaming market. The Ontario Lottery and Gaming Corporation (OLG) is the provincial gaming authority in charge of regulating all gambling in the province, including online gambling.
The OLG has strict requirements in place for operators who wish to obtain a license, and these requirements are continuously being updated to reflect the changing landscape of online gambling.
You can find out more about iGaming Ontario regulation here.
Key Compliance Areas
Some of the key compliance areas that operators must adhere to include anti-money laundering (AML), responsible gambling, and data protection. AML compliance is important in order to prevent online casinos from being used for money laundering activities.
Operators must have strict KYC (Know-Your-Customer) and AML policies in place, which include verifying the identity of all players and ensuring that they are of legal age to gamble.
In addition, operators must have procedures in place to monitor player activity and identify any suspicious activity. Responsible gambling is another important area of compliance. This includes ensuring that players are able to set deposit limits, wager limits, and loss limits.
Data protection is also essential, as operators must ensure that all player data is stored securely and is not shared with any third party without the player’s consent.
Canada is a crucial emerging market to look to for compliance, and it’s already starting to shape the online casino market in terms of betting procedures.