The reason why casinos is being regulated is not to protect consumers. If it was for consumers sake, then what have they been doing to help those addicted gamblers and in which way are they helping to promote the knowledge of responsible gambling? I believe that their main reason for regulations is tax collection and monitoring of money laundering issues.
We have seen thousands of scam accusation complaints on the internet. How many of them were resolved? In most cases, the scam happens once the user wins a hefty amount of money in a casino. They do not scam a hundred dollars; they always target big amounts, which are usually bigger than a thousand dollars. Sometimes, it's life-changing money for some people. But since it's an online casino, players usually don't know what to do and where to complain.
Only a tiny percentage of players create scam accusations in the forums, and some others end up contacting mediator services like Ask Gambler and Casino Guru. Imagine the real number of players who got scammed but never got any help from anyone. Has the license provider ever audited any casinos? I don't think so.
Taxes from the gambling industry are huge and if there is no regulation then there will be no taxes, I also think that why the government implemented that every casino must have a license to operate its gambling services, because they need to steal money from casinos, then, KYC and other frills are some other purposes as a way for them to work so that they are not considered as thieves completely under the pretext of supervision, we haven't whether or not there is a true audit of the casinos, because there are still a lot of frauds that are true even by licensed casinos, I think the audits that are done are only on the user database and the financial flow of the casino, and that does not include audits that are supposed to be intended for user safety. LOL
A beautiful statement. I agree with that. Not only for tax but also through gambling sites it is possible to launder huge amounts of money very easily. And if a casino site is not licensed then it cannot demand KYC from the customer. So if a user is given the option to deposit and withdraw unlimited funds without any KYC verification then a lot of illegal activity will happen here. A casino site therefore requires various types of legal licenses. on the other hand, when users find that the site they are gambling on does not have a valid license, then major gamblers will not agree to gamble there. They will fear being scammed. For this reason, casino sites will be licensed