Although the South African gambling market has boomed in recent years, federal laws have been vague on this subject. As a result, it has sparked a series of debates in parliament. An opposition party, Democratic Alliance, proposed a law to legitimize real money online betting. Even before that, there was an attempt to mend these laws 14 years ago. However, it was unsuccessful due to the varying perspectives on the future of gambling.
The situation remains unchanged due to the regulatory laws still causing confusion. Nevertheless, any operator can conduct online gambling business only if licensed by any of South Africa’s provincial authorities. This is the only clear aspect of the law, as other elements need a better framework to properly regulate the ever-growing market.
In 2008, the National Gambling Law was presented to guide the conduct of online gambling affairs. Unfortunately, it hasn’t taken effect. Be that as it may, gamblers and other stakeholders are welcome to acquaint themselves with the critical aspects of the law. By doing so, they can conduct their business effectively and learn any such modifications to the law. These modifications could affect the betting market. Below, we will highlight some of the notable aspects of the law.
Issuance of licences
One of the most critical clauses in the law is the one that caters to the issuance of licences. This aspect will oversee the protocols, methods, practices and every other necessary step as regards licensing.
Evidently, the provincial government in which the gambling company operates will issue operating licences. The same local government has the right to revoke such licences. However, there is a stipulated laid down procedure that must be followed.
With the backing of the law, operators can advertise their betting products to their new and existing gamblers. Additionally, all operators must concur with the South African Financial Intelligence Centre Act (FICA). Consequently, bettors will be more knowledgeable about the code and conduct of the gambling market in South Africa. This clause will contribute to developing the gambling market when it’s implemented.
The amendment will put in place strict measures to protect youngsters and other vulnerable people. The growth of the online gaming market is essential to the country’s economic progress. Having said that, it can equally be detrimental due to its addictive tendencies. Thankfully, anyone grappling with gambling issues can easily access help centres.
In this light, proper measures will be implemented to assist them, such as reducing their deposit limits, gambling time, access to gambling, etc. This will drastically decrease betting problems in South Africa.