The problem would be the sheer cost of developing a standard format for collating the data. Each software has the data, but in it's own format. There are already independent verification procedures in place for most, if not all, reputable casinos.
Adding yet another agency tasked with collecting and processing data in a different way is going to mean LESS in the way of benefits (promos, bonuses, etc) coming to players because casinos will have to fund it. Even if it did go ahead, players may not trust it any more than the current independent testing organisations.
Cheating casinos will simply refuse to sign up, as will many reputable casinos who feel it unfair to spend money that would otherwise be spent on their players - so you could not even assume that non-participation meant the casino was cheating.
The cheapest way forward would be to build on what is already in place, and here one can see considerable resistance from casinos to release any more than general data. Microgaming casinos have a monthly payout figure published, and they MUST also have the data to issue payouts on a per game basis, but they don't want to do it, nor allow anybody else to.
The secrecy surrounding payouts is illustrated in the thread about RTG and the "double pear" that is seen on Fruit Frenzy. One of the design team behind the game (a regular poster) was able to explain that this was down to a different RTP variant being used, but he could not say WHICH variant - showing that players are not permitted to know the RTP of individual games, rather than the casino being "unable" to say, or it "costing too much to process the data".
If such a tracking system were in place, it would expose casinos that were using a lower RTP variant, and they would therefore be most unwilling to contribute to this tracking service.
The best way forward would be tighter regulation, with it being a requirement to give players the exact mathematical RTP expected from each game. Australian regulators required the old Lasseters and Ausvegas casinos to state the RTP of each of their slot games, which was done to 2 decimal points of percentage in the "help about" pages for the games.
In most cases for the well known software brands, knowing the mathematically expected RTP, along with verification of the RNG output in terms of game results, is as good as having this tracking service.
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