What Are the Regulations for Online Money-Making Games?

Currently, online money-making games are on the rise, which totally transforms the whole gaming scenario worldwide. 

But, these money-making games can also be harmful for kids who don’t know much about the internet. 

Well, that’s the reason why these games have some regulatory instructions from government officials. 

So, if you are keen to know what are the regulations of online money-making games, then you must check out this guide until the end. 

What are Online Money-Making Games?

Online money-making games offer many things in which, just by participating, you can start earning real cash. Some of the activities are mentioned below:

• Skill-based games: These games require special skills to perform well, which directly impact your winning chances. 
• Luck-based games: It means casino or lottery games where you win by your luck not by your skills. 
• Virtual economies: Many games, such as WOW and EVE Online, offer virtual economies, where you can trade your in-game items and currency for real cash.
• Esports: Esports are currently the most famous online money-making games. In this, if you have a perfect skill set, you can get substantial prizes by winning different tournaments. 

Global Regulatory Landscape

The regulatory provision for these mentioned games can vary depending on game type and region:

#1. United States

In the USA, online money-making games have regulations, but it’s complex because there’s the involvement of both federal and state laws. Here are some key factors that you need to keep in mind:

• Federal Laws: According to Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 prohibit players from playing online gambling games by restricting them from transferring funds to and from illegal sites. But, at the same time, they didn’t mention what are the factors which decide which platform is illegal. 
• State Laws: According to state laws, it is very confusing as each state has its own regulations. 

#2. European Union

EU The European Union still doesn’t have any regulatory system to regulate online money-making games. 

They give this work to each state to regulate according to their terms. But still, there are some principles:

• National Regulations: In the United Kingdom, proper regulatory guidelines are mentioned for gambling games. They also have a separate department named the UK Gambling Commission. This department sees whether every gambling activity is fair or not. Moreover, countries like Germany recently added regulation guidelines for online gambling.
• Cross-Border Gambling: Although the EU itself has free movement of gambling services from one state to another. But, it is totally subjected to each country’s regulatory approval. 

#3. Asia

In Asia, the gambling game is different as each country has different thoughts and regulatory guidelines for online money-making games: 

• China: China totally bans or has strict controls over online gambling in their country. But there’s a catch. Yes, traditional gambling is illegal, but some online gambling activities are legal, and the Chinese government closely monitors that. 
• Japan: In Japan, Online money-making games are illegal except for some specific betting and lottery games. 
• India: In India, the legality of online gambling depends on each state separately. Some legal gambling games in India are rummy and fantasy. If you want to know more about Indian regulatory terms, read more.

What Are The Consumer Protection Measures?

Protecting consumer’s privacy and money is the first and foremost aim of online gambling apps. But what are the security measures they take? Let’s see:

• Age Verification: In India, the age restriction is very strict. Yes, you must be 18 to take part in any gambling game.
• Self-Exclusion Programs: Give players control of whether or not they want to play further or not, allowing them to self-exclusion programs. 
• Responsible Gambling Initiatives: The platform platform must have a bot desktop as well as an app version so that players can easily manage their gambling activities, such as deposit limits and time-out periods.
• Standards: Make their standards high by ensuring a fair game for all. 
• Data Protection: Safeguarding personal and financial details is one of the most prominent rules that every gambling platform must follow. This includes safeguarding players’

So, that’s all we have for you on what are the regulations for online money-making games. It’s our hope that you find this article helpful. For more info regarding money-making games, comment below and let us know.