The Alberta Gaming, Liquor, and Cannabis Commission has finally outlawed political betting in the revised Standards and Requirements for Internet Gaming.
The updated regulations published on March 17, outline the rules set for online gambling operators who wish to provide services in Alberta. The documents touch upon subjects such as sports wagering, player safety, system trustworthiness, and other major elements of online gambling
The ban on political betting coincided with the rise of prediction markets and event-based contracts like those that have become quite popular nationally and internationally.
Key Changes in the Updated Standards
One of the most notable changes made by the new regulations is the complete ban on internet casino betting operators accepting bets on political matters. The ban applies to betting on general elections, party leader contests, and any by-elections that may take place.
The report also mentions other types of betting that are considered quite objectionable, such as betting on unethical events, deriving entertainment from human suffering or death, or involving non-consensual violence or injury.
By including betting on political events as a part of the larger category of restricted markets, the AGLC is trying to set a very clear boundary. Also, as a result of this change, gaming operators will not be allowed to help place bets on financial instruments, synthetic lottery-style products, or on any outcome which is already publicly available.
The betting framework states that, first and foremost, every bet must be made solely on verifiable results that can be confirmed through reliable and independent sources. Moreover, the event, if there is one, must be regulated by recognized authorities, and there should be strict measures in place to prevent wagering based on insider information or match fixing.
The new regulation highlights the fact that gaming under control is a completely different thing from financial securities trading, or speculating on political outcomes.
New Responsibilities for Operators
The new standards are not only restricting market operations but are also giving licensed operators some operational responsibilities. They keep surveillance of the unusual betting activities, they contact the relevant integrity bodies when finding suspicious activities and if necessary, they share the information with the regulators and the oversight bodies.
Besides, operators will have to invent games in which the player cannot lose more than his or her initial stake. They should refrain from any design which is very similar to the method of financial trading.
Regarding responsible gambling, the draft regulations build upon existing measures. Operators will be required to have in place robust systems for identifying and assisting people who may be experiencing gambling problems. In practice, this means monitoring player behavior, having a pre-arranged means of intervention, and providing tools such as deposit limits and self-exclusion options.
On a technical level, the new standards put up very strict hurdles for the security, operation, and authorization of gaming platforms in general. Playing software is not allowed to be launched unless it is rigorously examined and approved by well-known independent laboratories. On top, operators should be thoroughly able to demonstrate that they have accurate and complete records, and be in every way
capable of ensuring the fairness, randomness, and verifiability of the results. More laws regulate settling bets and record-keeping details. Providers have to produce extremely detailed and auditable records of every wager made. In addition, if they cancel or void any bets, they should
follow certain agreed-upon routines. Besides that, the standards also cover minimum requirements for system availability, the communication of technical failures, and the handling of system problems. Lastly, licensees have a responsibility to make it easy for customers to find the clear terms and conditions for each betting product.
