Are There Organizations That Monitor Online Slots?
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Nov 15 2021, 6:11 AM
It’s a sad fact of life that it is entirely necessary to have organisations monitoring online slots websites. Just as any financial investment company needs to adhere to FCA (Financial Conduct Authority) regulations, the UKGC (United Kingdom Gambling Commission) was set up to make certain that fraudulent activity is kept to a minimum regarding online casinos.
It should first be established that the overwhelming majority of online casinos are totally genuine, but unfortunately, it’s always the small minority that ruin things for everyone. This minority comes in the form of scam websites and fraudulent online casinos - click to visit.
As a result, online slot sites seeking to provide legitimate gambling services are legally required to obtain and display a licence from the UKGC.
In order to get this licence, online casinos must undergo a screening where each site is analysed to see if the required requisites and standards are being met.
What are the requisites to gain a licence?
Obviously, if you’re interested in obtaining a licence in order to provide gambling services, the UKGC’s website https://www.gamblingcommission.gov.uk/for-gambling-businesses/Apply-for-a-licence/Apply-for-a-licence.aspx is the best place to visit in order to see all the finer details laid out.
However, in short, if you’re thinking of setting up an online casino and need a licence to do so, you will need to show the following:
- clear ownership structure
- sufficient financials (showing the ability to pay out prizes)
- prove your integrity
- clean criminal record.
This is because the UKGC licence protects gamblers from many negative aspects of gambling as well as fraudulent websites and scams. Not only will it ensure you’re partaking in fair gaming (the RNG, or Random Number Generator is tested to prove each reel spin is completely random), it will protect your money from the site’s hypothetical bankruptcy.
Sadly, even when a site is genuine, it can be affected by financial difficulties. This doesn’t have to affect you too though. The UKGC will ensure that the funds in your e-wallet are kept separate from the running costs of the site, so that if the online casino goes under, at least you’ll get your hard-earned cash back.
Suddenly, checking if the site you use is regulated by the UKGC just seemed a lot more important, right?
What are the repercussions for non-compliancy?
If an online casino or a digital slot sites doesn’t adhere to the requisites laid out by the UKGC, an investigation case is opened which is then reviewed by a panel of compliance officers.
Often, they are just minor issues which can be rectified quickly, but in larger more serious cases, the UKGC will be forced to take enforcement action.
This can mean anything from multi-million-pound fines to casinos being stripped of their licences. Once this happens, they’re technically illegal and any savvy gambler would never sign up and deposit cash within the site’s domain.
Within the UK, we are very lucky that online fraud and cyber crimes are taken so seriously. What’s more, it’s a great thing that bodies have been set up to tackle the unpleasant issues we face online every day.
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It’s a sad fact of life that it is entirely necessary to have organisations monitoring online slots websites. Just as any financial investment company needs to adhere to FCA (Financial Conduct Authority) regulations, the UKGC (United Kingdom Gambling Commission) was set up to make certain that fraudulent activity is kept to a minimum regarding online casinos.
It should first be established that the overwhelming majority of online casinos are totally genuine, but unfortunately, it’s always the small minority that ruin things for everyone. This minority comes in the form of scam websites and fraudulent online casinos - click to visit.
As a result, online slot sites seeking to provide legitimate gambling services are legally required to obtain and display a licence from the UKGC.
In order to get this licence, online casinos must undergo a screening where each site is analysed to see if the required requisites and standards are being met.
What are the requisites to gain a licence?
Obviously, if you’re interested in obtaining a licence in order to provide gambling services, the UKGC’s website https://www.gamblingcommission.gov.uk/for-gambling-businesses/Apply-for-a-licence/Apply-for-a-licence.aspx is the best place to visit in order to see all the finer details laid out.
However, in short, if you’re thinking of setting up an online casino and need a licence to do so, you will need to show the following:
- clear ownership structure
- sufficient financials (showing the ability to pay out prizes)
- prove your integrity
- clean criminal record.
This is because the UKGC licence protects gamblers from many negative aspects of gambling as well as fraudulent websites and scams. Not only will it ensure you’re partaking in fair gaming (the RNG, or Random Number Generator is tested to prove each reel spin is completely random), it will protect your money from the site’s hypothetical bankruptcy.
Sadly, even when a site is genuine, it can be affected by financial difficulties. This doesn’t have to affect you too though. The UKGC will ensure that the funds in your e-wallet are kept separate from the running costs of the site, so that if the online casino goes under, at least you’ll get your hard-earned cash back.
Suddenly, checking if the site you use is regulated by the UKGC just seemed a lot more important, right?
What are the repercussions for non-compliancy?
If an online casino or a digital slot sites doesn’t adhere to the requisites laid out by the UKGC, an investigation case is opened which is then reviewed by a panel of compliance officers.
Often, they are just minor issues which can be rectified quickly, but in larger more serious cases, the UKGC will be forced to take enforcement action.
This can mean anything from multi-million-pound fines to casinos being stripped of their licences. Once this happens, they’re technically illegal and any savvy gambler would never sign up and deposit cash within the site’s domain.
Within the UK, we are very lucky that online fraud and cyber crimes are taken so seriously. What’s more, it’s a great thing that bodies have been set up to tackle the unpleasant issues we face online every day.
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