Imagine you come across a new bank that’s advertising fabulous deals in your area. It’s offering fantastically high rates on deposits and low-interest borrowings. If it sounds too good to be true, then it most likely is. The chances are that you’ve come across an unregulated provider that’s taking reckless chances when dealing with your money.
And, just as you would pull back from investing in such a financial institution, so too would you never deposit money into an unlicensed and unregulated online casino. Gambling at registered online casinos that have the necessary regulatory stamp of approval is highly recommended if you wish to guarantee the payment of your winnings and adherence to standard online gambling policies. The issue is that many new players are not aware of the importance of checking whether they are using a legal online casino that is registered before they make their first deposits.
Importance of Registered Online Casino Licenses
When you make your first deposit at an online casino, you are technically sending off your money to an entity that you know almost nothing about and whose live representatives you have never, and probably will never, see in person. It is natural that in such situations, scenarios of fraud, unhonoured payments and lack of transparency might cross your mind. And with the global online gambling market worth U$60 billion, there are many loopholes where unscrupulous operators can try their luck and relieve you off some of your hard-earned cash.
It is here that the online casino regulators come in. They are the legal watchdogs of online gambling and act as guarantors of fair play, keeping the industry transparent and free from criminal elements or possible underage gambling. These regulators promote responsible gambling, safeguard the rights of players and ensure the integrity of casino games and gaming devices at registered online casinos.
Every reputable online casino wants to have a regulatory body accreditation since this indicates that it is a legitimate operation, which in turn will attract more players to its fold. Through this accreditation, the casino agrees to comply with specific criteria that include regular audits of the gambling products and services, setting up of a robust customer complaints system and ensuring that the casino has sufficient financing at all times to pay out its obligations.
Should a casino contravene any of these necessary criteria, the regulatory body has the right to take necessary steps that can include financial penalties, as well as temporary or permanent withdrawal of the accreditation.
Popular Global Online Casino Regulatory Bodies
Although numerous regulatory bodies have sprung up across the world, only a few have an established reputation and can guarantee fair operations. These include the following commissions: Malta, the Isle of Man, Kahnawake, Alderney and Gibraltar. Two additional online gaming jurisdictions centring around Curacao, as well as Antigua and Barbuda, tend to be quite popular as well. However, their level of scrutinisation of the online casino operations is not as detailed as compared to the ones mentioned initially.
Position of Canada on Online Casino Regulatory Bodies
Canada remains one of the countries that does not have a country-level regulatory system for its online gambling industry. However, this does not mean that there isn’t a local regulatory body. The Kahnawake Gaming Commission, established in 1996, oversees online and inhouse casinos, as well as online sportsbook sites that are located within the Mohawk Territory of Kahnawake. However, this is where its jurisdiction stops, with the rest of Canada primarily signing up to the Malta Gaming Authority’s (MGA) jurisdiction over the rest of the Canadian casinos.
MGA has been recognised internationally as being one of the most reputable and trusted licenses available. All registered online casinos that carry an MGA stamp of approval are considered by players as being legitimate across all their operations, with necessary extensive due diligence being conducted regularly.
In Canada, where there is no government regulation for international operators, the trustworthiness and reputation of an online casino relies heavily on the type of license that it carries. Likewise, any license can permit an operator to offer services in Canada due to regulatory gaps, but Canadian players tend to be careful when it comes to whom they trust. To date, the MGA license remains the most trusted one in the country and possessing this license signals to the players a casino is a safe place where they can wager their money.
Future of Casino Licensing in Canada
The general trend amongst European countries has been to start implementing country-level gambling regulation. Although there is a chance that Canada will follow suit with this trend in the future, for now, the local market will remain overwhelmingly under the jurisdiction of the Malta Gaming Authority. And, this will continue to guarantee trustworthiness, decency and fair play for countless of Canadian players who enjoy online gambling.
So remember: when searching for the best online casinos in Canada, be sure to check that they are appropriately registered. This will help protect you from illicit gambling activities.
