The importance of game providers following the correct rules and regulations

The very fabric of gaming, especially when it comes to those games that handle payments, is built on a foundation of trust. Game providers need to instill gamers with confidence. This is not only to prove that they can maintain a two-way street of trust with their consumer base but also to give the industry validity, especially in broader, casual circles.

Regulation can polarise people; some believe it can stifle an industry, while others believe it can provide a catalyst and framework for an industry to flourish. Regulation in other sectors is a good example of how well-planned rules can result in a positive boost.

Other industry leaders in currently unregulated industries, such as cryptocurrency and AI, hope their industries will benefit from similar, favorable legislation. However, another critical element created by the introduction of regulations – and our topic of discussion today – is that providers then have a framework to create their own rules.

Staying within the proper regulatory framework

We’ve gravitated toward digital gaming because it is the sector of interactive entertainment that has been subjected to the most intense and highly debated regulatory changes. This is to be expected, given that online platforms handle billions of pounds worth of transactions every day and keep comprehensive information about their verified users on their servers.

Gaming companies adopt many inventive marketing strategies to attract a steady flow of new users. However, the one that often yields the most success has been in the industry for decades – the concept of welcome bonuses and promotions.

In the UK, welcome bonuses are subject to regulations and fall under the remit of advertising regulations. Online Slot UK is one of the many providers that offer a selection of the market-leading welcome bonuses that are available, but given how fiercely competitive the industry is, the highest-rated bonuses in the sector change frequently, and they need to ensure that they are complying with the correct rules and regulations that have been put in place by the overseeing body.

Why regulations are so important

As we touched on in our introduction, they are the lifeblood of the industry. While we have previously discussed specific sectors, the same applies to the broader gaming world, including free-to-play mobile and video console games. Designers must be free to explore their ideas, but they must do so within a set of rules that ensure the safety and protection of the customer base.

Rules and regulations ensure that everyone in the industry operates within the same framework and that nobody is cutting corners, cheating, or aiming to gain an unfair advantage through shady business practices.

Given that gaming is a nine-figure industry, it would be extremely naive to think this doesn’t happen at some level. Rules and regulations ensure that those who try to take advantage or bend the rules are fined or brought before a regulatory panel or ethics committee to explain their actions and behavior.

Gaming is a truly global industry. If we stay connected to the internet while travelling, we expect to be protected and that our information is secure. The same applies to gaming; this is why regulations remain vital for the mechanics and medium to long-term growth of the gaming industry.

Regulating gaming means protecting consumers. This is why there’s an emphasis on consumer protection, which is embedded in the regulations that underpin various interactive entertainment platforms. By ingraining this into the regulations, it assures customers that there are no loopholes or potential grey areas for exploitation, and the tools that help users manage their activities and seek help if needed remain available.

Industry legitimacy

Unfortunately, a few rogue operators within any industry can dampen the broader public perception. We’re not sure what the psychology behind it is, but many of us cannot ascertain that the actions of a few do not suggest that the whole industry is corrupt.

Trials by public perception and social media are becoming more prevalent today, and the speed at which news can travel on social media is akin to wildfire. Industry legitimacy can quickly end up in the firing line, so game providers must follow the correct regulations and rules, not just for their own business but for the sake of the wider industry and how the broader public perceives it.

Even if a gaming company doesn’t break the rules and has the correct ethical code, an absence of rules and regulations can create a grey area. A good example of this at the moment is cryptocurrency, which we touched briefly on before. There is a crossover into gaming via blockchain gaming platforms that allows users to engage in new types of games by connecting their crypto wallets.

Without clarification, it creates market uncertainty and confusion among gamers, and regardless of whether it might be a new, innovative way to play, without the correct regulatory clarity, gamers are far more reluctant to register, connect their wallets, and play – knowing that if there is an issue, they are unable to refer it to a commission that operates within a strict set of clear guidelines.

Conclusion

Following the correct rules and regulations doesn’t just apply to gaming providers or other industries but also to us in our daily lives. Our entire society is built on laws and regulations; it’s the foundation that allows us to live freely and puts measures in place to ensure we have the services we need to live a fulfilling life.

Obviously, gaming providers don’t have the same social importance as the laws of the land, but the same principles apply. A good set of rules, framework and regulatory clarity helps people understand where they stand, and also ensures that businesses operating within the gaming industry know what they can and can’t do when creating a new product.

That’s not to say it would be a wild west industry without regulation, but as we have explored today, it benefits everyone involved, from the end user to those at boardroom level. The overreach of regulation can cripple an industry, too, so it’s vital that it’s well structured and thought out before it is implemented.

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