The Betting and Gaming Council (BGC) has released an International Best Practice Guide for operators and regulators worldwide.
The guide was commissioned by the standards body and compiled by the professional services company Alvarez and Marsal (A&M) in an effort to improve industry standards globally.
This guide outlines the core objectives that all operators and regulators should strive to accomplish.
Part of the guide focuses on how regulators and policymakers can achieve high channelisation and how the respective bodies can ensure as much gambling happens within the regulated industry as possible.
It also details consumer protection recommendations that focus on safeguarding younger people and those suffering from gambling-related harm.
The guide also discusses preserving consumer choice by maintaining a competitive market, raising tax revenue and keeping gambling crime-free.
BGC chief executive Grainne Hurst commented: “For the first time, the BGC has brought together the lessons, both positive and negative, which have been learned by operators and regulators around the world when it comes to the online gaming sector.
“This sector will no doubt continue to grow internationally, offering huge potential benefits to existing markets and those which are currently developing.
“Through effective regulation of this new growth sector, governments can achieve their core priorities of raising tax, boosting growth and jobs, while delivering high standards for player protection.
Hurst also pointed to the UK market as a shining example of effective gambling regulation.
“In the UK, we have seen that firsthand, where balanced regulations have created a sector which raises billions in tax and investment in the economy while supporting tens of thousands of jobs.
“But the risk posed by the wrong regulatory balance can undermine that good work and give a foothold to the growing unsafe, illegal gambling black market, which is an ever-present threat in the UK.
“We are proud that BGC members are now a genuine global success story and a Great British export; that is the prize when the right regulatory foundations deliver sustainable success.
“If you are a policymaker navigating this new growth sector, or an operator seeking to broaden your international footprint, then this guide is for you.”
Adam Rivers, head of betting and gaming for EMEA at A&M, added: “A&M are proud to have worked with the BGC on this important project which provides a new reference point and assessment of gambling regulation globally.
“Effective regulation plays an important role in ensuring the safe and effective functioning of gambling markets, supporting positive outcomes for regulators, operators and consumers.”