Common Online Gambling Myths
June 29th, 2011 | Published in Inrodution
Launched in 2007 as a non-profit organization, the European Gaming and Betting Association (EGBA) consist of leading members of the online gaming industry. The group’s objective is to develop a uniform online sector in Europe so operators will be able to provide competitive services throughout various nations. Recently, EGBA has been met with resistance from various European governments that are attempting to monopolize or eradicate in the activity.
Social Evil
Each of the aforementioned anti-online gambling governments view the activity as a social evil or propose it will slowly become one if not regulated properly by only the government. To counter these ideas, the EGBA has developed a “Myth-busting” webpage with regards to debunking the most common myths associated with online gambling.
Problem Gambling
One of the most important accusations against the industry is that it nurtures problem gambling by making it easier for players to wager more than they can afford. The EGBA deferred to several recent studies that proved problem gaming has remained stable at around one percent over the past decade, even with the development of online gambling. Furthermore, licensed operators promote safe and responsible gaming.
There are even various tools that customers can access such as setting deposit limits, creating cool off periods, activating self-exclusion options and engaging self check tests. Additionally, the most reputable online operators partner with problem gambling groups so anyone who needs help can access the agencies immediately.
Responsibility
Another myth disseminated by several European governments is that state or federally-run online gambling monopolies are more responsible than privately-licensed operators and therefore better protect online players. In 2008, safe and fair play leader, eCOGRA released a study indicated that licensed private casino operators do more to implement responsible and fair gambling standards than governments.
Lower Payback Ratio
Another contention in favor of state monopolies is the lower payback ratio offered which deters excessive gambling. This argument was countered by stating that when governments limit private online casino operators to provide more competitive products and services, they are ensuring their operators remain profitable-only.
Money Laundering
The final point consistently argued is the concern of money laundering. Many believe online gambling is an easy target for terrorists, crime families and others who are transferring unaccounted funds for despicable actions. This was the primary rationale for the passage of the UIGEA in the United States. However, money trails in online gambling are transparent and traceable due to the highly regulated nature of the business.
EGBA has clearly busted many of these common misconceptions. When online gambling was first implemented, these ideas may have been accurate; however, since regulation, fair and safe play certificates and rigid standards have been implemented the industry is on the straight and narrow.