Make no mistake about it! Regulations can definitely be a serious pain the behind, especially when it becomes clear that the person tasked with their implementation had nothing to do with their formulation. They’re just there to do the bare minimum part of their job description to make sure they get their pay cheque at the end of the month and you pretty much have to fight a serious battle to ensure you get certified as being compliant, or just to get what’s due to you in terms of any protection you may need from the regulatory framework.
Regulations are indeed important either way, across all customer-serving sectors, and there are plenty of reasons for that, all of which point back to protecting you as a customer.
Protection against profiteering
Profiteering probably affects the so-called workhorses more than the consumer, but ultimately the typical consumer is of the working-class which falls under what can be classified as the “workhorses.” If you’re employed by some kind of higher-ranking authority figure who is involved at the ownership level, they’d likely be embarrassed to reveal how much more they make from your work than you… Or not! The reason why they wouldn’t be embarrassed is precisely why regulation is important.
If there weren’t any regulations, not only would the hardest working cogs of the supply chain be relegated to a life of slave-like wages, but the consumers would also be dupes into parting with more money than what that money is supposed to afford them in fair value.
Getting fair value for your money
So the regulatory protection against profiteering encompasses the protection of consumers, ensuring you at the very least get something closer to fair value for the money you spend. Considering how much value you actually get with the regulations in place puts into perspective how much less value you would be getting if there were no regulations at all.
Protection of your consumer rights
You probably think nothing much of it when perhaps enjoying some free online slots in demo mode or if you perhaps got some free bets, but general regulations across all consumer sectors and those regulations which target specific sectors are important because their very existence means you have a reference point to fight for your consumer rights, should the need arise. Organically, the regulations protect your consumer rights by default, for instance if you were to play online slots for real money, did you know that by law casinos are required to give back a certain portion of their takings to players as winnings?
Imagine if online gambling licences were issued with no such regulation. You’d effectively be fighting a losing battle with the odds rigged against you, every time you took a punt on your favourite online betting platform.
Proactive compliance monitoring
When the regulatory bodies conduct their audits, it’s not up to their discretion to decide what constitutes protecting consumer rights or not. They have a specific set of rules and guidelines to adhere to, so the terrace is mapped out pretty clearly.
It’s all about getting fair value for the money you spend.