Self-Regulation for Loot Boxes: Is it a Gamble?

Loot boxes are a controversial topic in the gaming industry. With many players exchanging real money for the chance to receive random in-game items, there has been no shortage of criticism around loot boxes, particularly where they are made available to under-18s. On 18 July 2023, the UK games industry trade body (UKIE) published 11 new Industry Principles on loot boxes as a form of self-regulation. However, their effectiveness remains to be seen. Will self-regulation be enough to protect players from the potential harms of loot boxes? Or will governments need to consider legislative intervention?