Regulatory Bodies for Online Gambling
The fear for the operation of unscrupulous business related to online gambling has been eradicated upon the establishment of independent and non-profit organizations that aims to regulate and legitimize the online gambling operators. The most popular regulatory bodies are the eCommerce and Online Gaming Regulation and Assurance which is popularly known as the eCOGRA and the Interactive Gaming Council.
Both regulating bodies for online gambling have the same thrusts toward building better confidence to the online gambling industry. Although the mean approach and goals of eCOGRA and Interactive Gaming Council are the same, they both cater to the online gambling industry differently. Each has their own distinctive specialties in catering to the problems that often time plague the online gambling community.
eCOGRA's regulation is more directed towards protecting the general and public consumers of online gambling through performing audits and inspection on the business operation of online gambling establishments to ensure that all its online players will be paid accurately, fairly and on a timely basis . The Interactive Gambling Council on the other hand has stipulated Code of Conducts that must be complied and observed by the gambling online operators within its facilities to satisfy the call for a credible gambling institution.
The Interactive Gaming Council is more concerned with online gambling lobbying while the eCOGRA basically secure the rights of online gamblers to a fair and honest online gambling system. The protection of online players is of utmost concern by the eCOGRA making sure that the gaming software used in the online gambling facilities is free of bias. They are also responsible for auditing the online gambling operator's financial statement and status to make sure enough funds are allotted for payment of winnings of all its online players.
The Interactive Gaming Council is primarily imposing pertinent regulations that will assess and determine the efficiency of online gambling operation systems and its algorithms and practices. It provides some regulatory requirements that will improve the confidence in the gambling industry especially the operating online gambling establishments within their jurisdictions.
The systemic procedures conducted by these independent regulatory and licensing bodies are effective means to regulate the operation of online gambling operators and encourage them to behave responsibly. With the strict guidelines imposed by both the eCOGRA and Interactive Gaming Council, online gambling has become a better industry where business is honest, legitimate and possesses integrity in its operations, online players treated fairly and pay outs are given in a timely basis.
The regular follow up done to all its accredited online gambling operators ensures that their policy and regulatory guidelines are strictly adhered and followed. Any violations made against the policies of the regulating bodies will automatically revoke their licenses that will remove the trademark of being a legitimate and credible online gambling establishment.