Using SG:certified to Facilitate Collaborative Sustainability in the Gambling Industry
Using SG:certified to facilitate collaborative sustainability in the gambling industry
As the gambling industry continues to evolve and expand, regulators around the world have been tasked with creating and enforcing responsible and sustainable practices. It’s a necessary, admirable task.
While notable strides have been made in recent years, regulators can still struggle to keep up with all of the latest developments in the global industry. As a result, operators have sometimes been able to circumvent the regulations and exploit loopholes in the law, leaving customers vulnerable to unethical or fraudulent practices.
Even when regulators do create and enforce robust rules, the penalties for bad behaviour have often proven to be ineffective. This creates a situation where operators in some jurisdictions are able to operate with impunity even in the face of serious repeated violations. Customers can be left without proactive protections, and without proper recourse when they’re mistreated or defrauded.
Fortunately, policymakers have plenty of assistance available to them. Working with a third-party organisation like SG:certified can help regulators bridge that gap between their existing knowledge and the current best practices, helping to ensure that the industry is working to the benefit of all stakeholders.
Regulators face a daunting challenge
Regulating gambling in the modern era is no small job. It’s an emerging industry, and a technologically complex one that poses a never-ending series of challenges to regulators – particularly to those whose oversight duties typically centre around things like land-based casinos or the lottery.
Online gambling is an entirely different animal. Just getting a digital gambling industry up and running is a feat by itself, and then the real challenges begin.
- Rapid technological advancement: The rise of modern forms of gambling and betting creates new challenges for regulators seeking to ensure that these platforms are operating in a sustainable manner. This is particularly difficult in the digital realm, where the global nature of online gambling can make it challenging to enforce local regulations across borders.
- Lack of deep education: Regulators entering new territory are broadly unfamiliar with the nuances of the industry, largely by no fault of their own. The gambling industry is as complicated as any other industry in the world. But the learning curve can make it difficult to create well-conceived rules that keep pace with the latest developments.
- Limited resources: Many regulatory agencies are underfunded and understaffed, which creates practical problems when it comes to effective enforcement. This shortfall can create situations where operators are simply able to evade the oversight process.
- Balancing the needs of stakeholders: The interests of various groups of stakeholders can sometimes conflict with each other, making it challenging for regulators to strike a proper balance with their solutions. Whose advice do you listen to when you’re not certain what the best course of action is?
Lawmakers face some of these same challenges during their legislative process, and they often seek out input from the industry itself to help them craft a sensible law. Regulators, however, are the ones that are ultimately tasked with turning the words in the statute into tangible rules for operators and meaningful protections for customers that can stand the test of time.
These challenges are not insurmountable, but overcoming them requires a cooperative effort from regulators, operators, and other stakeholders. And it requires education.
SG:certified platform built to bridge the gap
Organisations like SG:certified are working to close the gap between the existing level of regulatory knowledge and the current best practices in gambling.
SG:certified has developed its compliance platform for the gambling industry with these specific needs in mind. It was designed from the ground up by a team of experts and research analysts, crafted to streamline the regulatory process and bring stakeholders together to make gambling safer and more sustainable.
Regulators who use the SG:certified platform have at their disposal all the tools they need to build a better local gambling industry. By providing hands-on training and research to all parties, SG:certified is helping to ensure that everyone involved is aware of their responsibilities.
One of the key advantages of working with SG:certified is their ability to understand the challenges facing both regulators and operators alike. Working with stakeholders all across the industry, SG:certified creates customised solutions that meet the needs of everyone involved. This collaborative approach is fundamental to their efforts to build a strong, sustainable industry.
SG:certified moreover offers a wealth of knowledge and expertise on gambling policy to draw from. Through their research and training programs, SG:certified is helping regulators deepen their knowledge of the latest trends and best practices in the industry. This education helps ensure that regulations are effective, consistent, and able to keep pace with the rapidly evolving landscape.
Of course, there is still a lot of work to be done to ensure that the industry is operating in a responsible and sustainable manner. Gambling will continue to evolve over time, and regulators will need to stay informed in order to sustain this product. By working together to prioritise education and collaboration, SG:certified hopes to create an industry that is safe, sustainable, and profitable.
By collaborating and educating regulators and operators, we can create an industry that rewards stakeholders for playing by the rules, generates revenue for local governments, and protects customers from gambling-related harm.