responsiblegambling
SPORTS BETTING CREATES OPPORTUNITIES FOR REGULATION AND RESPONSIBILITY BY MARTIN LYCKA
Around the world, the popularity of legalized sports betting has soared with millions of consumers betting billions of dollars, euros, and other national currencies. It is a dynamic trend that is expected to continue, with more countries, states, and provinces setting up their own protocols for wagering on games, players, teams, and statistics.
ONTARIO IS NO EXCEPTION, as many operators are competing for players and government policymakers examine the best ways to regulate betting markets that heretofore often resided in the shadows. Indeed, as countries have embraced legalized sports betting, they have also embraced the legal and regulatory protocols to ensure consumer protection and financial transparency among gambling operators. These are essential for the long-term success of a business that ultimately relies on consumer confidence that the system is fair, honest, and transparent, and that someone is looking out for the little guy. More recently, the growth of the omni-channel sports betting market provides a wealth of opportunities to 20 | Summer 2022
enhance consumers’ experience. An omni-channel approach prioritizes the consumer’s ability to make choices, and a consistent vision between retail and online gaming allows players to migrate seamlessly between both environments. Not only does the omni-channel ma rket prov ide a satisf y ing user experience, but increased engagement allows for closer monitoring and protection of players. In just a short timeframe, we are seeing the conf luence of incredible technolog y meeting the evolving entertainment needs and preferences of the consumer market. It is a classic tale, yet it is hard to think of another market that has grown so fast, driven and supported by dazzling innovation that seems to get better by the day.
Besides regulatory oversight and stunning technology, there is another factor required for the long-term success of sports betting, whether it is multi-channel or not. That factor is responsibility, and it extends to all parties in the sports betting world. Of course, responsible gambling starts with the consumer, who needs to decide his or her personal limits. Every user of a sports betting platform needs to know how much he or she can play before getting in over their head. But it does not end with the individual customer. Government regulator y aut hor it ie s shou ld en a c t robu st responsible gambling programs as part of their oversight, and to ensure that such programs are funded consistently. It takes much more than a toll-free
