Regulation Would Benefit Online Gamblers Say Experts

Recent actions taken by the US Department of Justice have caused several online bingo operators to exit the US bingo market. So far this year two major online payment processors have been forced out of the US gaming market. Because of the heavy handed actions American online bingo players may be forced to use payment processors with a less than stellar reputation. Recently the well known World Bingo Network suddenly announced that they were shutting down all operations in the US. The WBN ran a network of about 10 bingo sites. For years some members of congress have called on fellow lawmakers to pass legislation that would implement a system of taxation and regulation for online bingo games sites. Currently the US is missing out on billions of potential tax revenues from online gaming sites.

It would be an easy matter to set up government agencies to regulate online gambling. In the UK and Europe regulation of the industry has been in place for years with great success. In the United Kingdom the Gambling Act of 2005 launched the Gambling Commission. The stated purposes of the Gambling Commission are;
1.    Preventing gambling from being a source of crime or disorder, being associated with crime or disorder or being used to support crime
2.    Ensuring that gambling is conducted in a fair and open way, and
3.    Protecting children and other vulnerable persons from being harmed or exploited by gambling.

The Gambling Commission in the UK has set strict standards for the online gaming industry including online bingo. Bingo players in the UK have benefited from the regulations imposed by the Gambling Commission and can be confident that all games are fair and deceitful advertising is not allowed. Bingo sites not located in the UK must be on the Gambling Commission’s ‘white list’ of approved licensing jurisdictions. White list jurisdictions must meet stringent standards set by the Gambling commission.

The regulations have clearly benefited British online bingo players. Players in the UK enjoy a level of protection not found in the United States. Since US law prohibits credit card companies, ewallet services and other financial institutions from processing gambling related transactions American players have very little recourse should a dispute arise between a player and a bingo site. It is easy to see that the British system of regulation has been beneficial for players and the US government would do well to adopt similar policies.

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