A new Internet gambling law has been approved by the South African parliament which would follow in the footsteps of many other nations in regulating the growing industry. Their parliament papers showed this as being an industry they see as being plagued by crime and a high vulnerability to money laundering and the financing of terrorism.
An attachment to the African National Gambling Amendment Bill said the gambling industry in Africa’s largest economy was unregulated and plagued by crime and that something had to change.
Worried about the nation’s reputation, it said, “This situation has resulted in a considerable loss of national revenue and compromises the country’s reputation as a responsible global citizen.”
The new bill their hoping to successfully implement will be mainly addressing the negative economic effects associated with gambling in general, namely gambling as an addiction, the protection of players, taxation, advertising, and licensing.
Restrictions would be closely watched and players wanting gamble online must register with licensed interactive gambling providers. Every gambler will also need to provide proof of being at least 18 years of age.
“The purpose of this Act is to ensure that all gambling activities are conducted responsibly, fairly and honestly (and to) protect minors and other vulnerable persons from the negative effects of gambling,” it said.
The bill has not yet been put into effect as Africa’s president, Thabo Mbeki, must still sign the bill.
Statistics from the South Africa’s National Gambling Board show that gambling revenues across all platforms other than Internet gambling have risen from 6.2 billion to 13.5 billion in the last five years. This board will be the enforcers of the country’s new laws.