Moneytainment has become the world of moneytainment. Online casinos in particular have been booming in recent years. The thrill of gaming, with the chance to turn a deficit into a profit, is now likely to involve a session (or two) on a digital favourite. The scale of the phenomenon shouldn’t be underestimated: as avid gamers, and indeed those who love winning money, spread their pursuits, so the growth of the online moneytainment sector is likely to continue. Crucially, this growth is taking place in legally grey areas worldwide. In this article, we will take a look at the phenomenon that is moneytainment, the rise of the online casino, and the different approaches to its regulation in different parts of the world.
Understanding Moneytainment
The phrase ‘moneytainment’ describes the combination of entertainment and an opportunity to win money, typically including gambling. The phenomenon is extremely popular, in essence combining entertainment and money. If you think about it, every form of entertainment has an element of engagement with money, be it a couple of dollars for a movie ticket or hundreds of dollars in a casino. Casino sites have led the charge on this trend, and the technological tools for creating a moneytainment experience are incredible. The average casino website offers dozens of games, including slots, poker, roulette and many more, and what’s astonishing is that they are so life-like — far better than the experience in a bricks-and-mortar casino.
The Growth of Online Casinos
The rise and rise of online casinos has been inspired by technology and increasing access to the world wide web. Gamers get their fix while in their pyjamas, in bed or anywhere across the globe via their mobiles. For the most part, online casinos at sites such as Casino Elite are ever-expanding portfolios of gambling games that are becoming broadly appealing. This marketplace is no fad.
Regulatory Landscape in Europe
Europe has a mishmash of regulation, depending on where you are. Some countries, such as the United Kingdom and Malta, have pretty tough regulations in order to protect the punter and ensure things are done fairly, like secure servers and no underage gambling. In the UK, for example, every individual operator needs to apply for a licence through the UK Gambling Commission, with a long list of things they have to do to ensure the integrity of online casinos within the UK borders, such as the protection of punters from problem gambling, money laundering and underage gambling. Other countries in Europe are way more lax, or just in the process of developing licensing regimes to put a barrier in front of the populous, booming online casino market.
North American Regulations
Differentiated regulation by geographical area plays out quite differently on either side of the North American border. Online gambling in the United States is regulated by each state, which means that – unlike Canada and Europe – the US lacks a common regulatory protocol. Some US states have legalised and regulated online casinos, such as New Jersey and Pennsylvania, while others – some of which offer online lotteries – have not. Online gambling is legal in Canada but regulated by each individual province (except Prince Edward Island and Ontario), with some – like Quebec – imposing more robust regulatory frameworks to protect players.
Emerging Markets and Future Trends
We’re starting to see signs that the market is becoming more normalized in Asia, Africa and Latin America. There are signs of regulation catching on in other parts of the world too, such as Japan and India, where companies are trying toeholds in the market, and the regulatory measures to limit exposure are gradually being formulated – although it’s early days and it’s far from being a mature market there. With all these developments, there will likely be more regulatory focus on that approach to balance between growth of the industry overall and protecting players. Blockchain technology and cryptocurrencies are also likely to have a significant impact, and the regulatory challenges are going to increase substantially.
Conclusion
Moneytainment is a broader topic, online casino just a good example One can only hope that the rapidly growing realm of moneytainment, which offers great entertainment, makes money and enhances freedom and cultural exchange, can quickly move towards a mature model of sustainability. Casino Elite and other online casinos constantly keep us updated about games and prizes. We enjoy new moneytainment products such as these, and we have the competitive entertainment industry to give us more. The day when ‘serious’ entertainment of the arts is only considered ‘serious’ for statisticians and professors at colleges and universities is sadly condescending, because this is what we all deserve. As technology develops and new markets for moneytainment come up, regulations will have to adapt as well, but they’ll for sure do it because this is too interesting an area to be left to market prejudice.