When you play slots online, you would think that it is perfectly legal. Behind all the cash and glamour are laws, and different countries pass new laws to ensure that both the consumers and gambling operators are protected. Today, let us take a look at the latest gambling regulation news globally.
Greece Raises Betting Limits
The government of Greece has made a confirmation that they will allow an increase in how much gamblers can wager in casinos and poker. From a €2 limit, players can now wager up to €20.
This limit applies to slots and table games, along with poker. The announcement was made in Hellas gazette, a government paper. The increase took effect in May of 2022, and players can start enjoying this provision in online poker and other games that use random number generators.
The change is a welcome decision as Greece spent one year reviewing the regulation. Furthermore, the Ministry of Finance approves that jackpot values can now hit a limit of €140,000, coming from a previous limit of €70,000.
The Hellenic Gambling Commission, or HGC, also allowed a technical update where the spin time of the slot machines can now go as short as two seconds. In the past, the spin time was three seconds. The president of the HGC stated that they welcomed that approval from the Ministry of Finance.
Punters will be happy about this, as there seemingly is no benefit to betting €2 in a game. The higher the limit, the higher the stakes. While the losses are also higher, the chance to win bigger prizes offsets that risk.
The UK to Have Tougher Regulation
There is a legal overhaul in the UK that aims to reduce gambling addiction in the market. Some operators are also losing money. The UK government has reduced the maximum that a punter can bet on a slot from £100 to £2.
According to some operators, the new rule reduced their earnings, but it did not really reduce the supposed harm of gambling. They also said that those who used to play in brick-and-mortar gambling facilities simply moved to online gaming.
The word on the grapevine is that the UK is planning to overhaul legislation on online gambling. It can include a massive change, like reducing the maximum bet on slots to £2 per spin. In addition, they are thinking about curbing the maximum amounts of deposits that players can make.
Gamblers are in disagreement. Many people say that these regulations were long overdue. There was one former gambling addict who lost £59,000 in just a little over a year. Back in 2016. Because of this loss, she would be in debt for the rest of her life.
Goldchip Limited is Suspended
Gambling giant Goldchip is embroiled in a suspension. Its operating license is suspended as it is under review. The suspension comes after concerns that they, Goldchip, have not acted in good faith or in accordance with the law. There is a suspension of failure to adhere to anti-money laundering provisions. Despite being suspended, Goldchip can still allow its consumers to access their accounts and withdraw their funds.
The UK Gambling Commission did not fully disclose the reason for the suspension. They merely stated that there were suspected activities that were not within the bounds of social responsibility. They also said that there were suspicions of failings in complying with anti-money laundering laws.
Goldchip cannot operate in Great Britain as of now. Until such time that the license is reinstated, they can only operate in countries that are not within the jurisdiction of the UKGC.
Singapore to Create New Gambling Regulator
The Ministry of Home Affairs in Singapore is planning to establish a new state gambling regulator. This new gambling regulator shall be named Gambling Regulatory Authority or GRA.
The new regulator is a reconstitution of the current Casino Regulatory Authority. It will be the single regulator of all gambling activities in the country. From here on, the GRA will consolidate the power to run and control gambling facilities. Right now, several government bodies are involved.
For example, the Casino Regulatory Authority or CRA regulates two casinos in Singapore. On the other hand, the Gambling Regulatory Unit or GRU regulates online gambling and fruit machines. Then, there is the Singapore Totalisator Board which governs land-based gambling facilities.
According to the MHA, they recognize that there are trends happening in the gambling sector. As such, the government must take a unified and holistic approach to how it manages the gambling industry in the country.
Maine to Approve Sports Betting
In May 2022, the governor of Main signed the sports betting bill, which makes sports betting now legal in Maine. The state will soon have a Gambling Control Unit. They will begin the process of making rules. For some time, betting in Maine was a contentious debate. There were politicians that spoke against the bill because of some licensing issues. According to experts, this process can take a while. Sports bettors can expect to place their first wagers in Maine in 2024.