The online casino sector is rapidly expanding. The research performed by the well-known Grand View Research states that the global online casino market has reached $131.46 billion in 2023 and is expected to reach $196.33 billion by 2030, registering a compound annual growth rate (CAGR) of 5.7% during the forecast period. There are several factors contributing to this expansion: the proliferation of smartphones and tablets, a rise in the availability of high-speed internet, a rise of gambling in terms of general popularity and the legalisation of online gambling in new areas.
The rise of online casino gambling has brought matters of regulation into the focus of governments all over the globe. Legislative modifications are often of great importance for a player or an operator, so it is essential to follow the legal requirements of the particular regions.
Ignorance of the law does not exempt them from responsibility, thus it is important that players be aware of the consequences. And changes in laws may create new licensing requirements or restrictions for online casino operators.
Different regions of the world have different approaches to the legalisation of online casinos. These differences are due to a number of reasons including cultural norms, religious beliefs and economic considerations. As a result of these factors, online casino legalisation varies from region to region. As the online casino industry grows, it is expected that governments around the world will continue to examine and adapt their policies regarding this activity.
In Europe, the legalisation of online casinos is different from one country to the next. Countries, for example, the UK and Malta, can let their online casino markets be effectively regulated. Austria has established a particularly regulated market that provides for strict licenses for the operation of online casinos. On platforms such as austriawin24.at, players can find detailed information about the legal online casinos in Austria, including their license status and the games they offer. This legal framework ensures that players can gamble in a safe and regulated environment, which boosts confidence in the online casino industry.
On the North American continent, the regulation of online casinos also varies from one country to another. In the US, online gambling is only legal in the following states:
● Connecticut
● Delaware
● Michigan
● Nevada
● New Jersey
● Pennsylvania
● West Virginia
Besides this, other states including New York and Massachusetts are the following states to take a step towards legalising online casinos.
In Canada, as of now, there is no federal legalisation of online casinos. Nevertheless, Ontario legalised online casinos in 2022. Other provinces could follow this model in the following years. Hence, Canada’s government is currently examining the idea of legalising gambling on the Internet at the federal level. Nevertheless, there is still uncertainty when this decision is going to be made.
In Asia, the law of online casinos also differs from country to country. For instance, the Philippines and Cambodia are among the countries that have legalised online casinos. Other states like China and India have very harsh regulations against online gambling. In general, the legalisation of online casinos in Asia is a relatively recent phenomenon. The governments of these countries are still studying and adapting their policies regarding this activity.
Examples of countries that have recently legalised online casinos and their regulatory approaches:
● Cambodia: Online casinos in Cambodia were legalised in 2019. One of the most liberal regulation frameworks in the country is the approach of the industry. The government has awarded licenses to various online casino entities and their operations are supervised, but they have not enacted some rigorous regulations.
● Thailand: In the year 2021, Thailand permitted online casinos to operate legally. The country has a strict approach to control the casino online operation. The government has licensed only a few operators, while online gambling advertising and marketing are under strict control.
As online casinos evolve, governments the world over are expected to analyse and adapt their policies regarding this activity. Potential future regulatory changes may include:
● Legalising online casinos in new countries
● Increased regulation in existing jurisdictions
● Online casino winnings should be taxed
Potential future regulatory changes could have a significant impact on the global online casino market. The legalisation of online casinos in new countries will lead to market growth since more people will become members of online gambling. Tightening up regulations at current jurisdictions can lead to industry consolidation as the smaller operators will be pushed out of the market. The taxation of the winnings from the online casinos may diminish the income of the player and the casinos' operators, therefore lowering the pace at which the market develops.
The future perspective of the online casino industry experts are primarily positive. They think that the market will just keep on growing, and this is due to more countries legalising online gambling and more players moving to online casinos.
In addition, analysts say that the online casino industry will keep evolving by integrating new technologies such as virtual reality (VR) and augmented reality (AR). Hence, these technologies will give players a better and more realistic experience of the game.
Knowing the legislative tendencies is important for online casino players, operators and regulatory agencies. This enables them to comply, safeguard their interests, and place themselves in a favourable competitive market. Apart from that, knowledge of the legislative trends will contribute to the establishment of a safe, fair and sustainable atmosphere for all market participants. This comprises the safe players, ensuring responsible gaming and developing innovative products and services.
