The increase in the number of casinos these days is just commendable. With every passing day, a new casino and new casino games are launched in the industry. These casinos have to abide by some regulations, failure of which can land them in troubled waters. When it comes to the land-based casinos, there are authorities that regulate them and keep a watch on the casino’s operations and the people exchanging real money. They ensure that no case money laundering is registered and transactions are taking place legally.
On the other hand, some people believe that there are hardly any rules for the online casinos. However, this is not true. Even the online casinos are being regulated by the concerned authority to operate in a fair way. Every nation that allows gambling has a set of rules and code of practice that is to be followed by every casino operating in that area.
Casino Licenses and Regulations of Regulated Online Casinos
The gambling industry is regulated by the Gambling Commission that works hand in hand with customs, police and other licensing authorities. As far as license is concerned, a casino will have to attain an English license if it is operating in England or serving English consumers in any nation. The same applies to the software. For instance, if the casino software developer is based in Asia but is serving English consumers, it will have to get a license from the English authorities only. For every casino, it is essential to comply with all the technical standards.
Regulated Online Casinos’ Code of Practice
After attaining the license to operate in a particular nation, casinos are required to follow the code of practice. The casinos must obey the code provisions regarding social responsibility at all times. They must ensure that they carry out the gambling practices in a transparent and fair manner by being approved by the testing agencies. These agencies basically monitor the payouts of the site, certify software and ensure the casino conducts itself morally. Their aim must be to safeguard the children and older generation from exploitation through gambling by implementing the required policies.
In addition to this, it is the duty of a casino to support people with gambling-related issues. It can achieve this by setting the limits for the players and training their employees. Other than this, there are other codes also but are not mandatory to be followed to get a license. But, casinos must adhere to the ordinary code provisions as the same can be used in criminal proceedings. Since the case of money laundering is on rise, casinos must be well aware and alert at all times.
Laws Regarding POC Tax for Regulated Online Casinos
If you think that online casinos operate from a tax-friendly base then you must read this. The Point of Consumption (POC) states that every casino has to pay 15% taxes on their total revenue. Thus, a casino will have to pay the taxes irrespective of the area in which it is based. It is true that this law made many casinos to shut their operation, as they were unable to pay the same. To add on, it has initiated acquisitions and mergers among different casinos to survive the taxes by strengthening their customer base.
In spite of many arguments and debates taking place against the over-regulation, the consumers are being benefitted the most. The players can sign up at these regulated casino websites to play their favorite slots like Dracula slot without keeping any second thoughts. They are able to trust the online casino site and have confidence that all their transactions will be kept safe at all times. Therefore, it gets clear that both online and traditional casinos are regulated and monitored by the concerned authorities.