We all remember getting mysterious gift boxes during Christmas or our birthdays. It was an exciting moment to unwrap and guess the person who brought the gift. The same thrilling feeling is offering online loot boxes nowadays. Looting gives a thrilling feeling to most people, which is why so many people are into this like the pokies. This sector was free of any supervision till now. But, it looks like there is something fishy, and all the mighty government is taking a look into the industry to establish a format to bring the betting industry in line. Please scroll below to know more regarding the topic.
What is the loot box?
The loot boxes resemble their name. It is like turning the casino bonus wheels. In gambling, you get the winning wage after cutting the commission and the tips for the dealer. Most online and offline facilities offer an especial bonus wheel turning facility to give away more to you. The loot box theme is more or less the same as the gaming experience. But, the main difference between these two things is the service. In the loot boxes, you can buy real and physical products. Products can be anything starting from dresses, jewellery, makeup items, and weapons. It depends on your luck and lucky number only. If you are a video gamer, then you must be very well aware of these loot boxes. The game sends loot boxes to boost up your token and game assets most of the time.
Why is the fuss?
You must be thinking why suddenly everyone is thinking about the loot boxes. The reason is simple. Loot boxes resemble the gambling industry. And the winning rate in this game is less than 0.01 per cent. So, the stake money is massive, and so is the risk. The countries establish legislation to bring the loot boxes regulations to protect and monitor under the national gaming law.
Law and legislation
Different countries are taking a different approach to this matter. For example
Online gaming, gambling, and loot boxes have e shady legislation and explanation in Ireland’s law. The government and the legislative department do not address it as punishable under the law currently. Instead, the law enforcement department is keener to collaborate with the gaming company owners to establish a line between gaming and gambling to keep the underaged children away. A new law came into action just a few days before, on December first, 2020. But, the rules do not clarify anything specific for the loot boxes.
European Union shows a more diverse and tolerant behaviour towards the loot boxes legislation. The reason is simple. Some states describe the loot boxes as a form of gambling, like Belgium. But, the others do not take loot boxes as gambling at all, like the Netherlands. So, the responsible authority is trying to make a flexible rule that can fit all. The job does not sound comfortable at all. Because, back in 2017, Belgium stopped selling FIFA points for the popular FIFA game. This state hates the loot boxes.
From the discussions mentioned earlier, it became clear that bringing loot boxes under one law will not be easy at all. So, the authorities propose two different approaches.
Here the buyer will get articles and notifications regarding the risks, pros, and cons of investing in loot boxes.
Supporting after the loot box purchase and providing a refund in case of any mishap is a part of the plan.