Things You Should Know About Sports Betting Regulation in 2024

In the realm of sports betting worldwide, recent years have brought a rapid transformation to this industry. Behind these transformations lies technological innovations and ever-changing societal norms. With this in mind, it is therefore not far-fetched to expect that the new year 2024 will bring even greater changes in the global sports betting dynamic. Moreover, we can only expect to find some of these changes on https://thetrader.bet/. 

This article thus looks into the occurrence of certain key trends and changes in this industry. It also sheds light on how these changes will affect sports betting regulation. Read on to find out more. 

Increase In Online Betting Platforms 

In past years, the number of online betting platforms has increased exponentially. These online gambling sites have made it easier for punters from different regions to have access to sports betting activities. What makes this even better is that there is no such thing as regional limitations when it comes to online gambling. 

However, this comes with the need for more laws and regulations that guide user behaviour and experience. It also begs the question of how to ensure consumer protection, sports event integrity, as well as fair play. 

Thus, in 2024, it is expected that more countries and their governments will update their regulatory systems. There will be an increase in licence and regulation implementation by the government to ensure online bookies meet certain standards. Some of these regulation standards include measures against fraud, money laundering, and underage betting. 

Newer Protocols To Prevent Problem Gambling 

With every form of increase in the gambling industry, there is likewise an ever-increasing need for responsive gambling protocols. The focus is to ensure vulnerable individuals remain safe from the dangers that come with excessive and consistent gambling activities. It thus becomes an expectation that responsible gaming measures will be promoted in 2024. 

Among these responsible gambling measures is the introduction of innovative techs like AI and machine learning. These technologies will help in the identification of punters battling gambling addiction and how to tackle the issue. In addition to this, regulatory agencies have also begun to implement stricter guidelines preventing promotions to targeted vulnerable individuals. 

The Push For Standardisation 

While different regions have their own diverse measures regarding sports betting regulation, there is a growing consensus that there should be common standards that are consistent across the world. Thus, in 2024, multiple international agencies and organisations will be involved in creating a globally recognized sports regulatory framework. 

The main aim of doing this is to ensure consistency and coordination in the global industry. One such agency active in the push for standardisation is The International Association of Gambling Regulators (IAGR). 

Blockchain Technology Plays A Role 

In the coming year 2024, blockchain technology is expected to have a further impact on sports betting regulations. It is expected that blockchain will make gambling transactions even more transparent and secure. Due to its encryption mechanism, it addresses the concerns of punters relating to fraud and manipulation. With this in mind, blockchain encryption will make it more possible to monitor transactions with the aim of auditing and regulatory oversight. 

International Collaborations 

The sports betting industry operates on a global scale. As such, this makes international or cross-border collaboration among regulatory bodies unavoidable. Therefore, as we progress into 2024, there is a plan among these authorities to increase efforts to create coordinated frameworks. These frameworks are aimed at combating unsanctioned gambling activities. It also serves to create a more regulated environment for gamblers to place wagers on their favourite games. 

Besides this collaboration between regulatory agencies, there is also a collaborative system between sports organisations, bookies, and regulators to ensure fair and transparent gaming. This way, stakeholders can rest assured that all their interests remain aligned. 

Last Words 

As mentioned above, the year 2024 promises a lot with respect to improvements in sports betting regulations. Although these changes may come with certain challenges and controversies, the conclusion remains the same. There is a commitment on the part of regulatory bodies and stakeholders to establish a safe, secure, fair, and responsible gambling environment. This will thus ensure an environment where the global sports betting market can thrive.