Updates on iGaming regulations in 2024

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Regulatory Updates and Emerging Trends

Gambling will continue to develop and become more relevant so legal changes happen frequently to completely cover the industry. Many countries will continue to legalize this area in order to receive taxes. There is already a noticeable trend towards legalization and this is just the beginning. The demand for crash games will also continue. People get bored with classic slots, and crash games give the feeling that you control the outcome.

It can also be noted that more and more gamblers will choose casinos adapted for mobile devices. This trend was observed in both 2022 and 2023. The use of AI in the gambling industry cannot be ruled out either. Most likely, they will come up with new slots that will beat the neuroboom and hype it up. Most likely, casinos without a license will become less popular.

Casinos with fiat payments are also fading into the background. Increasingly, players are choosing sites that only accept crypto or have the opportunity to choose. As technology advances and player preferences change, traditional slot machines may give way to more innovative and interactive games. Classic slots will remain more of a rarity than interesting and in demand. Players increasingly value transparency and honesty, so casinos and bookmakers with unclear or unfair rules may experience customer churn.

In 2024, neural networks have developed greatly, which will certainly have an impact on the modernization of the regulatory framework. In iGaming, AI and machine learning can help not only in design and marketing, but also in improving the user experience. Neural networks can be used to monitor user actions, enhance the security of profiles and personal data. And most importantly, artificial intelligence helps make iGaming products more personalized. Thus, the main goal of AI in iGaming will be to satisfy the needs of users.

1. Collection of statistics and analysis of user data (in real time).
2. Segmentation of users according to various characteristics.
3. Personal iGaming recommendations based on user data (selection of sports, slot).
4. Recording unusual behavior that indicates deception and fraud.
5. Registration of decreased activity and possible departure of a person from the platform.
6. Automated checking of fulfillment of compliance requirements.
7. Selection of bonuses and promotions that will interest clients on the verge of deleting their account (like the previous point, will help in the work of the retention department).
8. Help in creating the design of the games themselves.

Artificial intelligence and machine learning will continue to be actively used in iGaming, its share in the niche will reach almost 80%. And in second place in popularity will be blockchain mechanisms: it will be used in 13% of gambling and betting.

For the most part, we are talking about using cryptocurrency to carry out various operations, for example, withdrawing funds or, conversely, replenishing the profile balance. But blockchain can also be used to protect personal data and security during payments.

Key Challenges and Opportunities in Main Gambling Markets

In the United Kingdom, online betting is regulated and licensed. They mainly bet on football, horse racing and greyhound racing. The market is extremely active; according to surveys, more than 50% of players bet at least once a week. In Australia, online casino games are illegal, but betting and land-based gambling establishments are regulated at the state level. Licenses are issued at the state (or territory) level, and in general the market is quite strictly controlled. However, all the same, Australia remains one of the most gaming countries in the world.

In the United States, gambling is strictly regulated. There are a lot of compliance policy developments, laws and restrictions at both the federal and state levels. From a legal perspective, it is a patchwork of jurisdictions. Only two states (Utah and Hawaii) have a complete ban on gambling. In all others, certain forms of gambling are allowed.

Returning to online betting, it is still illegal in most states, but there is a noticeable trend towards liberalization of laws. Virginia and Colorado were the latest to legalize sports betting.

In terms of regulatory trends, it should be mentioned that UK Gambling Commission, which oversees the industry, is constantly monitoring and implementing new measures to improve safety. The main regulatory body for the UK gaming sector is the UK Gambling Commission. It controls many types of gambling, such as lotteries, sports betting, online gaming and casino games. It also ensures that operators adhere to a set of fairness, honesty and openness criteria when granting licenses to those who do so. The commission can study and enforce rules, punish non-compliance, and address problems associated with problem gambling.

In this gaming license jurisdiction, key gambling law is the Gambling Act 2005 (GA), which defines important terminology including lotteries, betting and prize-winning. The law establishes requirements for various types of gambling licenses, as well as restrictions and fines for gambling establishments. It was created with the aim of protecting children, stopping illegal activities such as money laundering and ensuring fair playing conditions. As a result, the Gambling Commission was created to ensure that the industry complied with the requirements of the Act.

In addition, the Remote Gaming and Software (RTS) Technical Standards provide technical guidance for online bookmakers, poker rooms and casinos, addressing issues such as promoting responsible gaming, protecting player money and ensuring fair gaming. The Proceeds of Crime Act 2002 deals with gaming law covering illegal monetary means circulation prevention by requiring gaming corporations to develop policies to stop money laundering and terrorist financing.

The gambling industry is already quite large. Many legal gambling sites are listed on the world’s stock exchanges and spend millions a year building links and a positive reputation. This is a highly competitive area that requires a careful approach to external promotion.

However, in Japan, France, Turkey and Indonesia, gambling business is prohibited. But anticipating big earnings, many owners of gambling sites are bringing their brands to the US and European markets in order to operate legally.

However, the industry still faces challenges that require legislative regulation. The session experts identified three main problems namely combating illegal business, identifying drops (dummy people involved in fraud) and helping gambling addicts. To protect people dependent on bets, a rule is being developed that will allow them to send statements, the text will include a request for bookmaker companies not to accept bets from a particular gambling addict.

Continuing Industry Impact: Gambling Licensing Process in 2024

To operate legally, online gambling operators in a given jurisdiction must register their companies with the Ministry of Trade, Industry and Economy, which requires a physical presence. Required documentation includes proof of legal capacity, corporate identification, identification of individual applicants (with residence permits for foreigners), land use rights and compliance with tax obligations.

Applicants must fulfill next-mentioned gaming license requirements:

• firms must be registered locally;
• firms must have resident directors;
• B2C operators must register their players on servers located in selected jurisdiction;
• permit review fee must be paid; all required application forms must be completed;
• player deposits must be protected at all times;
• all games, RNGs and gaming systems must be certified by an independent laboratory;
• directors, company representatives, beneficial owners owning 5 percent or more of the company will undergo an independent assessment.

To obtain gaming license, next-mentioned documents are needed:

1. Application for a permit.
2. Gaming compliance fulfillment confirmation.
3. Copies of the company’s statutory documents.
4. Auditor’s document confirming the size of the company’s authorized capital.
5. A document that confirms the sources of funds for the formation of the company’s authorized capital.
6. Certificate of no criminal record for managers, owners who have more than 10% in the company, beneficiaries and the company’s accountant.
7. Document on the right to use the premises (if applicable).
8. Document confirming ownership of the domain (if applicable).
9. Document confirming the premises’ compliance with legal requirements (if applicable).

For each type of license, an additional list of documents may be established, in particular certificates for slot machines, gaming tables, etc.

These gambling rules also apply to slot machines, which include fruit machines, slot machines and betting terminals. Finally, these rules also apply to gambling software that allows users to place bets from a distance. An applicant’s criminal history is the last thing they look at because it could be a sign of future problems. Together, these elements contribute to the Gambling Commission making well-informed licensing decisions.

Gambling continues to develop. Probably in 2024 there will be more news from different countries about the legalization or regulation of gambling. Platforms are introducing restrictions, but advertisers, affiliate programs and arbitrators are already finding solutions. This trend will have a positive impact on the industry.

Our company is ready to provide you with qualified assistance in obtaining this type of permit and in purchasing a ready-made solution. We will become your reliable allies on the path of your commercial development. Don’t hesitate: contact us right now.

Article’s author is Denys Chernyshov – founder and CEO of the globally-famous organization Eternity Law International.