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How Licensing and Regulation Ultimately Protect the Consumer

27th February 2020

Countless memes have been made about how nobody ever reads that long Terms and Conditions text before ticking “I agree” and then proceeding to install whatever software you want to use. The same can be said about signing up to some online platforms you want to use. You give your consent just so that you can save a bit of time and get going with whatever it is you want to use the platform or software for, subsequently placing a lot of trust in the service providers or developers to serve you with integrity.

I suppose I’d be saying it in vain then that it’s actually very important for you to actually read those Ts&Cs and Terms of Service (ToS), because ultimately you’re either giving the vendor some very significant power over what can be some very sensitive data of yours, or you’re giving up some kind of legal power which would otherwise have protected you in the event that something sinister happens. You probably have reasonable grounds to not bother reading all the text though and just proceeding to click “agree to tall!”

Licensed and regulated online sportsbook platforms

It’s a matter of trusting the regulatory system which generally governs all the consumer platforms we interact with. In some very specific cases you really have absolutely nothing to worry about, like how you know for a fact that betting on a specific online sportsbook has a near 0% chance of landing you in any sort scenario where you get the short end of the stick, with no legal recourse, simply because these are platforms that carry very specific licenses. As per the conditions associated with their ultimate licensing, these platforms have to adhere to a very strict set of regulations, which are ultimately designed to protect you, the consumer.

Unlicensed online sportsbook platforms

If I’m going to deposit money into and place bets on a licensed online sports betting site, this automatically gives me the peace of mind of knowing that I’m protected as a consumer, even though there might be some temptation to gravitate towards unlicensed and unregulated ones. Sure, it appears as if there’s a bit less of a hassle with the unregulated ones, such as the fact that you might never, ever need to provide proof of identity to essentially prove that you are who you say you are, but then again how can you ever be sure that you’ll ever win anything and more importantly, that you’ll ever get the money you supposedly win?

It takes a very systemic approach to win big when it comes to betting on sports, especially if you’re going to be doing it online to perhaps take advantage of the likes of signup bonuses and other online-only promotions. So the last thing you want is a big legal fight on your hands, in which you have very little protection, simply because you went with an unregulated platform that feigns convenience in either cutting out that process of having to read and understand a long ToS and Ts&Cs text, or indeed on account of having failed to read and understand the ToS and Ts&Cs of a regulated and licensed one!

These mechanisms are designed to ultimately protect you, the consumer, so make use of them.

Jack Braintree

Hi! I am Jack Braintree, I am an avid traveller, and I love to shop. I am a software engineer, and I have spent seven years in the workforce, working for IT companies, full time and as a freelancer. I created dropjack.com to provide in-depth reviews, tips and tricks for shoppers

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