Wagering is part of our nature. Any spectator prepared to wager on the result of a game has existed for as long as there has been organized sport. In the Chinese Han Dynasty, gambling games like keno were played more than three thousand years ago.
Today, the globe is a vastly different place, but our love for gambling hasn’t changed. That goes for both the Las Vegas Strip and England’s renowned racetracks, where even Her Majesty Queen Elizabeth enjoys a bet!
Nigeria is no exception. Nigeria boasts one of the continent’s major betting markets. Despite an ad hoc regulatory system that fails to adequately regulate the most popular type of gambling — making a wager online using a PC or smartphone app. It raises the question of what Nigeria might accomplish if it followed the global trend of regulatory reform.
The US way?
Right now, the US is the most obvious. This country has had a long-standing aversion to gaming. The first slot machine was invented 120 years ago by American inventor Charles Augustus Fey. Likewise, the US has some of the world’s largest sports teams. The NFL, NBA, and World Series produce more money from TV, advertising, and merchandise than the English Premier League or German Bundesliga. Until recently, the Professional and Amateur Sports Protection Act (PASPA) prevented Americans from betting on sports, with a few exceptions in areas like Las Vegas.
In 2018, the Supreme Court threw down PASPA, allowing each state to determine whether and how to legalize sports betting. Since then, state after state has introduced legislative change. Along with unprecedented freedom for Americans, it has opened up a world of commercial potential for sports book and online casino operators. The list on Casino Senpai shows exactly how much the business has opened up in a short period.
The same in Europe
As though the bulk of individuals with stronger Puritanical ideals left on the Mayflower in 1620, Europeans have always had a more permissive approach to gaming. Despite the abundance of casinos and bookies, most legislative frameworks have lagged behind the pace of technological progress.
Sweden is an intriguing case. The country is a powerhouse for iGaming and is home to some of the largest worldwide betting businesses. In 2019, new rules ended the decades-long monopoly of state-owned Svenska Spel. It opened up a world of new opportunities for gamblers and increased tax income for the government. Things couldn’t have gone better until the events of 2020 began to take impact.
Last year, Sweden decided against broad lockdowns, letting its people to respond correctly without legal duty. However, many chose to remain at home, and as shown globally, internet gambling earnings soared. Compared to the greater issue, the reaction was a little hasty. Emergency legislation was hurried through that limited the amount that gamblers may wager or that operators could provide in incentives. The issue? Insiders say the harsh sanctions have simply helped to drive players to unregulated offshore providers, increasing risk and transferring transactions into the black market.
Germany deserves a note. Other nations have passed new gambling regulations in response to the rise of internet and mobile applications, but others say they go too far. High-rolling is difficult due to wagering limitations, and advertising is severely restricted. The main fear is that uncontrolled “no limit” casinos would become more accessible to German gamblers online.
Regulators can help everybody.
Regulating properly may benefit everybody. Equal treatment for providers, comfort for gamblers, and potential tax income for everybody.
However, as certain European instances show, over-regulating the market may quickly backfire. In reality, the internet knows no national borders. There is nothing that can be done if someone wants to run an internet company and another wants to be a consumer.
Regulating online gambling is a delicate task. But, like any good law, it must be created to serve the general good. Isn’t that reasonable? One thing is certain: the global wave of online gambling regulation provides several case studies and lessons to learn.