What To Know
- Based on the concept, the GCGRA seeks to emulate the best practices in consumer protection and regulation all over the world and provide resources that will enable consumers keep track of their gaming activities.
- This move comes after the UAE Lottery halted its prize draw in the early part of this year and as the GCGRA works on putting up a solid and orderly legal framework.
- Based on definition provided by the GCGRA, the meaning of ‘commercial gaming’ can be stated as any game of chance, or mix of chance and skill in which money is accepted for the purpose of betting in order to win something.
This means that authorisation and legal licensing for the UAE’s first lottery has been granted thus boosting the growth of the contest category in the region’s gaming sector. Administered by The Game LLC using the UAE Lottery brand name, this new business is expected to provides a number of games that reflect people’s interests and abilities to pay.
The United Arab Emirates new General Commercial Gaming Regulatory Authority (GCGRA) that was formed in September issued the licence on Sunday. This is considered as creitical in establishing a properly regulated on-line commcerical gaming industry in the UAE.
The following argument is supported by Jim Murren, the chairman of the GCGRA: The UAE Lottery has finally begun to signify the disciplined regulation to signify the authority’s commitment to a secure and enriched gaming environment. Kevin Mullally, CEO, GCGRA also explained that the regulatory program aimed at the protection and safeguard of all lottery services and facilities, as well as all forms of commercial gaming.
Based on the concept, the GCGRA seeks to emulate the best practices in consumer protection and regulation all over the world and provide resources that will enable consumers keep track of their gaming activities. Furthermore, aware of the competition, the authority is attempting to invest in new technologies for developing games that are secure and entertaining, thus boosting consumer-oriented innovation.
This move comes after the UAE Lottery halted its prize draw in the early part of this year and as the GCGRA works on putting up a solid and orderly legal framework. Based on the findings of the GCGRA, it is evident that participating in unlawful monetary gaming activities is unlawful and attracts stern action.
The newly developed website of the GCGRA adds that it is the only organisation legally authorised to regulate, license and oversee commercial gaming in UAE. These are lottery, internet gaming, sports betting, and land based integrated resort or casino facilities. Based on definition provided by the GCGRA, the meaning of ‘commercial gaming’ can be stated as any game of chance, or mix of chance and skill in which money is accepted for the purpose of betting in order to win something.
UAE lottery shall serve as the model of how other games of chance shall be conducted and regulated in the region while offering safe ground to all the players.
