There is a reason that responsible gambling is such an important topic to regulators in the iGaming industry. The recent and rapid expansion of the iGaming world, driven by new markets and new tech, has led to a lot of new regulations around player safety and companies using responsible gambling software.
However, the good news is that this isn’t just a benefit for the customer. The operator and the industry all benefit from enforcing responsible gambling. The easiest way for the operator to ensure player safety is with responsible gambling software, such as the solutions offered by Mindway AI. How can all three parties benefit from promoting player safety? We explore here.
Overview of iGaming Market Growth
iGaming demographics have rapidly grown and diversified with the growth of the market globally. Advances in technology and the opening of new markets have allowed new players to enter the iGaming arena, creating a far more diverse player base. This in general is a more sustainable business model for operators, who are focussing less on creating VIP experience for the biggest spenders and instead on standing out as the choice for everyone.
This means that the regulators’ appreciation for responsible gambling is not only an aid to the player, but the operator, and in turn the industry as a whole as they promote more sustainable growth.
With this boom in the iGaming industry, operators have turned to AI software solutions like GameScanner and Gamalyze to better navigate the ever-evolving regulation landscape and offer a safer product for their customers.
Why Responsible Gambling Is Crucial
As the iGaming market has grown, so have records of problem gambling, creating addictions to online gambling that affect finances and relationships in players. As a result, if their gambling behaviour gets bad enough, they might have to quit the casino entirely. As an operator, it’s important to enforce player safety with responsible gambling software to ensure that customers with healthy gambling habits have the opportunity to come back and enjoy their time.
This positive enforcement of responsible gambling will, in turn, reflect positively on the industry as a whole. Gambling, even before the boom of the iGaming industry, has struggled with this reputation for causing addiction in its customers. According to a 2022 report from the UK Gambling Commission, only 30% of people believe that gambling is conducted fairly and as much as 71.1% think gambling poses a danger to family life. Operators being seen to do what they can, even if enforced by regulators or business strategies, is helpful in creating a more positive perception of the industry.
Software like GameScanner is designed to monitor and profile player behaviour while they play, to stop problem gambling before it leads to self-exclusion, leading to more growth in the industry.
Key Components of Responsible Gambling Practices
Some of the key components of responsible gambling practises are the foundation of GameScanner, a responsible gambling software that alerts the operator to at-risk players and problem gambling.
Deposit limits and betting caps are other tools regulators use to encourage more responsible gambling, but affordability is only one factor and can vary drastically between individuals. The best way to create positive change is with education. By educating customers on safe gambling behaviours and the tools at their disposal, iGaming operators and the industry as a whole will thrive with healthy players.
With the use of responsible gambling software like GameScanner and Gamalyze, operators can encourage better gambling habits and stop problem gambling in its tracks, allowing operators to better keep a hold of their players.
Consumer Demand for Ethical Gaming Practices
As mentioned, there is an ethical and reputational reason to encourage responsible gambling. There has been a shift in expectations in modern players, who expect iGaming platforms to prioritise player safety, rather than just taking addiction as another risk of the game. It suits iGaming operators as a B2C industry, to stand out as a brand that encourages trust and transparency, and a service that is safe for players.
With iGaming being a mostly solo venture, customers might not even be aware that their behaviour while they are playing is pointing towards problem gambling. With GameScanner’s responsible gambling software consistently monitoring every player, they can be alerted quickly and advised on the next steps to avoid any further issues.
Regulatory Requirements and Industry Standards
If the safety of the players and the brand recognition doesn’t encourage operators to enforce responsible gambling, the regulation should. Designed to protect the players and the industry, authorities around the world take player safety seriously with policies. By encouraging responsible gambling, operators can avoid huge fines that eat into their profits.
With responsible gambling software like GameScanner, player intervention can be personalised from the operator if it flags up problem behaviour. With growing regulatory pressure, and licensing requirements allowing operators to operate across jurisdictions, the automation of AI tools like this goes a long way to take the pressure off administration teams.
Conclusion
Responsible gambling is a benefit to everyone in iGaming, whether that’s the customer, the casino, or the industry as a whole. You can use responsible gambling software to better automate the process and encourage safer gambling from end-to-end. This is a reality that is only going to grow in importance from a business perspective and coverage from media in years to come.
