Regulation is often viewed as an imposition – a set of rules and barriers that make operations that much harder and costlier to conduct.
This is compounded by instances of conflicting or constantly shifting requirements, leaving operators in a state of perpetual ambiguity. Where the rules of the game are not known or keep changing, operators may struggle to do right by users.
Indeed, the whole notion of “doing right by users” cannot itself be subject to extreme flux, and while the goalposts must shift sometimes, there also need to be some reliable constants; a type of regulation, in other words, that is as flexible, dynamic and forward-looking as the industry itself.
This is the vision behind smart regulation, which more and more countries are adopting as the gaming industry goes from strength to strength. One of the main goals of smart regulation is to work with the industry rather than against it. It is a concerted effort to root out the perception that regulators are driven by a desire to limit or hold back the industry.
This perception, as alluded to above, often runs deep and in some cases has festered over decades during which regulators routinely misread the market and fundamentally misunderstood the lifeblood of the industry: its users.
In an attempt to protect them, they occasionally achieved the opposite effect. Gaming businesses were often diverted from valuable resources and time, being forced into meeting onerous and heavily bureaucratic responsibilities that served no discernible purpose. This is changing.
Instead, smart regulation aims to marshal the momentum of the industry. It announces itself as an ally – a useful check to ensure that the industry is sustainable and is able to continue to grow and enrich users’ and communities’ experiences. The stronger – and more conducive – these assurances, the more investment they can attract.
No business wants to be part of an unsustainable industry, one that is not constantly evolving and adapting to meet user expectations and social responsibilities. A sustainable industry and operating framework serve as incentives for gaming businesses to invest in brick and mortar operations and employ large numbers of employees – or build the sophisticated technological infrastructure and capabilities that make up the digital market.
Part of this remit includes ensuring that gaming operators hold themselves to strong internal controls and are able to demonstrate a culture of compliance. Relatedly, smart regulators will also look to ascertain that games are conducted with a high level of integrity and fairness. This will also extend to making sure that vulnerable or at-risk users are protected.
To that end, businesses are expected to show that tools can be made available for users who recognise that they might have a problem that needs immediate attention. It is also incumbent on businesses to go one step further and demonstrate a capability to identify worrisome patterns.
Artificial intelligence (AI) and machine learning are being relied upon to generate such solutions and mechanisms, and this will certainly influence the thinking and expectations of regulators.
Smart regulation is the new norm among relevant bodies. It is leaner, more adaptable and dynamic, and will support the industry in its continued growth. It will stand businesses in good stead to demonstrate a proactive ethos and awareness of such regulatory endeavours and strive to meet the standards that users and society expect of them.
This is something that defines our efforts here at 1xBet and has done throughout our global growth journey and within a rapidly evolving regulatory landscape.
1xBet operates across 20 different markets and abides by all relevant regulations in every jurisdiction in which it offers its products and services.
1xBet is committed to supporting responsible gambling and its policy sets out its commitment to minimise the adverse effects of problem gambling and to promote a positive, responsible experience for its customers.
1xBet does not offer its products and services to customers in the UK.