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Online casino risk management

The gaming industry provides an interesting example of an industry impacted by conflicting societal views, regulatory changes, technological growth and industry trends. In addition to fueling this increase in revenue, a link of key developments during the period have presented the industry with significant risk management challenges.

All businesses online casino risk management the risks that changing conditions present, but in the gaming industry, these factors clearly affect risk management strategies and lead to an online casino risk management focus in enterprise risk management. Expansion outside of Nevadathe proliferation of Native American casinos, the advent of online gaming and the threat of terrorism all make online casino risk management a risk online casino risk management landscape for gaming that has lead to the increasing use of enterprise risk management throughout the industry.

Leaving Las Vegas Like many industries, the challenges related to growth opportunities create an array of risks. The expansion of casinos and other gaming establishments accelerated tremendously in the s, and by the yearcasinos were present in 32 states.

Afterarticle source, the introduction of major new entertainment properties into new states began to slow. Moreover, these developments have come at a time when Americans currently spend more money in casinos than on click at this page, the cinema, compact discs or cable television.

For years, state legislators have seen gaming as a source of revenue, job creation and overall economic growth and many have thus sought to create friendly environments for the online casino risk management. This has even led some Mississippi universities, for example, to propose new academic programs in gaming management. And today, some form of legalized gambling exists in all but two states— Utah and Hawaii.

Despite these positive indications, societal issues and increasingly organized opposition to gambling—especially from local environmental, political and consumer groups—continue to present challenges and obstacles to gaming expansion through new gaming resorts and properties. Despite increasing public acceptance, the overall perception that gaming has a negative societal impact continues to present an obstacle to corporate casino expansion outside of Nevada.

Moreover, new economic studies show contradictory and inconclusive results regarding the extent to which additional economic value is actually added to the economy. Additionally, recent research indicates an increase in gambling addiction and disorders in youth and senior citizens. The Global Gaming Exposition published a summary of online casino risk management sessions on gambling disorders, reporting that states online casino risk management falling short in detecting youth-related problems, where the rate of disorder is significantly higher than among adults.

Other social scientists equate gambling addiction with tobacco addiction and suggest the gaming industry may face similar large-scale lawsuits from states. On the environmental front, problems such as noise, traffic and damage to landscapes caused by new facility construction is well documented in studies conducted in KentuckyMissouri and other states. The gaming industry also faces regulatory and legislative changes. In Decemberfor example, federal legislation eased government access to the financial records of gaming customers.

This new law is expected to have a significant impact on high rollers, many of whom desire strict privacy and as a result, may opt to play online casino risk management international gaming markets rather than U. In some states, gaming initiatives have received stiff resistance from the government, which competes for the same entertainment dollar. South Carolina legislators, for example, have aligned against Native American bingo halls and video poker while maintaining a state-run lottery.

To overcome the risk of lawsuits and negative public image, the industry is exercising loss control through educational efforts and addiction treatment. Industry initiatives have been geared toward positive public relations campaigns on the benefits of gaming and on loss control funding.

Significant funds are dedicated to treatment clinics, including tribal medicine techniques and special programs for youth and senior citizens. Recently, American Gaming Association members adopted a code of conduct designed to minimize problem gambling, block underage gambling and curb excessive drinking.

The standard is an attempt to demonstrate that the industry is taking an active role in reducing its most visible problems. Native American Casinos Nationally, there are tribal governments engaged in gaming through operations in 29 states. To reduce some of the risk in its business models, the Online casino risk management American gaming industry has diversified its revenue stream by branching out into other businesses.

What began as small, stand-alone casinos grown to include golf resorts, hotel complexes, convention centers and even indoor water parks, allowing tribal governments to generate an increasing percentage of their revenue away from gaming itself.

Like the traditional gaming industry, is also one of the most visible risks to Native American gaming.

Any proposal to build a casino is online casino risk management very sensitive issue, as the public often cites a number of concerns attached to gaming, which usually include a widespread increase in drinking problems, personal bankruptcies, compulsive gambling, crime, money laundering and traffic problems.

Such concerns were raised during a recent vote in MadisonWisconsin on a casino proposal, and the public eventually voted against the proposal by a margin of two to one. The Native American gaming industry combats this negativity by emphasizing its extensive donations to schools and tax relief provided to local residents—a popular issue, given the current state of local tax revenue and federal support cutbacks.

The online casino risk management has an extensive lobbying effort and a number online casino malaysia supporters stemming from their large donations to local charities.

The additional revenue pumped into the local economy, along with casino job creation, also plays well in online casino real games money press although critics point out that jobs created by casinos are often low-paying. Despite the recent loss in Wisconsinpolitical risk is generally well-managed by local tribal governments. Their public relations efforts—on a par with many large corporations—take a holistic approach, citing all of the benefits click at this page their operations, both gaming and nongaming.

The tribal governments are leading the funding for model programs for problem gamblers and other counseling groups in many of their communities and are continually emphasizing that the rate of problem gambling is far less than that of alcohol, drugs or depression.

While online gaming offers enticing growth opportunities, rapidly changing regulations and challenges in online casino risk management new operations present a number of risk exposures as well. Technically, online gaming is illegal in the United States. The Federal Wire With best craps online casinos of prohibits gambling over telecommunication devices including the internet, and internet payment services such as Paypal, as well as traditional credit card companies online casino risk management other prominent financial organizations, do not authorize payment for gambling services.

Despite this, the online gaming arena is still seen as a growth opportunity. MGM Grand, one of the initial U. Gamblers also experience less risk since the model provides unlimited play for the monthly fee without further monetary contributions.

Terrorism It is virtually impossible to find an industry that has not been impacted by terrorism in some way. For a gaming community fed by tourism and travel, this means that the pseudo-fantasy existence of opulent casinos has now been overshadowed by the reality of personal safety and security concerns.

Online casino risk management the entire business community shares this concern, there are some unique consequences that impact the gaming community. The risks associated with terrorism in the gaming industry can be categorized as both direct and indirect.

Direct exposures are the actual losses associated with a terrorist incident that may occur at a property. The indirect losses would be felt by businesses and organizations that rely on the gaming industry. In many states, gambling has become a major local government revenue generator. As a result, gaming industry losses of the magnitude that might be expected in a terrorist attack could produce a ripple effect.

Clearly, the most effective tool in dealing with multi-headed risk would be enterprise risk management. A online casino risk management of insurance read article, employee training and education, and increased government cooperation and information sharing all work towards addressing the overall issue.

One strong example of this has been a summertime symposium held in Las Vegas on the terrorism threat. Hospitality and Gaming Face High Stakes. The goal of the conference was to give participants the tools and strategies necessary to deal with this global concern. Emphasizing the focus on enterprise risk management was the direct involvement of RIMS as a sponsor, coordinator and participant in The Loss Exposure Paradigm Gaming resorts today are self-contained living and entertainment environments operating 24 hours a day, seven days a week.

Including staff, most large resorts contain more people at any given time than most towns. And the nature of the business and the habits of its customers requires a large presence of cash, credit cards online casino risk management other valuables on online casino risk management. A number of different tools and methods exist to identify and manage risks.

One in particular, the loss exposure paradigm, can be thought of as an operational road map of assets and risk exposure. To develop the paradigm, a resort begins by identifying each of its separate business operations, such as the casino, the hotel, conference area click the following article amenities, including retail and recreation areas. Once the assets are developed, the casino identifies the risks associated with online casino risk management asset.

Internal threats include employee crimes such as embezzlement and theft, while external threats include all crimes perpetrated by outsiders, ranging from cheating at the gaming tables to terrorism. Online casino risk management final step in the process develops the risk management applications that are available to mitigate or eliminate the risks that were identified, matches specific risk management applications with see more identified threats and implements those applications.

One example of this is the recent decision by some casinos to implant RFID tags in free cash deposit casino playing chips to hinder cheating. Gaming organizations are becoming increasingly supportive of enterprise risk management in general, and many firms are enjoying top-level executive support of such programs. Cook is the director of risk management for the University of Iowa.

Meyer is the vice president of marketing for American Family Insurance Company. Risk Management and the Gaming Industry.

Meyer, Ruthanne Murray, David A. Skup and Nicholas P. Risk Management and the Gaming Industry The gaming industry provides an interesting example of an industry impacted by conflicting societal views, regulatory changes, technological growth and industry trends.

Reprinted from Risk Management Magazine.

Online casino risk management Risk Management in Casinos

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Introduction to Risk Management

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