In light of the world economic slump, is online gambling the proverbial light at the end of the tunnel?

The answer is far from certain but it looks as if South Africa will be the next to implement online gambling regulations and if a company has been pushing the limits prior, it could be costly—not that the country will be fining or arresting.

According to a report from businessday.com, under current legal conditions, illegal online gambling sites have been able to operate thanks to legal ambiguity but not for much longer.

"Under the proposed regulations, which were published in the Government Gazette for public comment in February, any operator that works illegally will not be allowed to apply for a licence," Business Day said.

"Neither would it be permitted to advertise its services."

Business Day is obviously referring to Silverlands online casino, which has been offering services in South Africa thanks to a "regulatory void."

This obviously doesn't sit well with officials.

"[Silverlands] know very well that they operating illegally and we have for a number of years attempted to put a stop to their activities," explained African National Gaming Board acting CEO Thebi Moja.

Once the online gambling regulations are in place, South African residents can partake by setting up an account with an account with a South African bank.

"Only credit cards can be used to make payments and the accounts will have to adhere to normal banking and Financial Intelligence Centre Act requirements," the businessday.com report said.