New UK Gambling Bill Gets Final Approval
New legislation relating to online betting and gaming looks set to be introduced in the United Kingdom after the Gambling (Licensing and Advertising) Bill was given final approval yesterday in its third reading in the House of Lords. The bill now just needs approval from the British monarchy which is something of a formality.
The bill will see the UK regulatory body, the Gambling Commission, apply its licensing process to all remote gambling operators that provide their services to UK residents. Currently UK based operators require a license from the Gambling Commission but those based in other regions do not. That is now set to change and any company providing betting or gaming services will need a license if they wish to advertise in the UK and accept transactions from UK residents.
An amendment to the bill that would have given the Gambling Commission the authority to block transactions to unlicensed operators had previously been rejected, but last week a number of payment providers agreed voluntarily to block such transactions anyway. This will make it very difficult for unlicensed operators accept deposits from UK residents.
One amendment that did get approved yesterday was a new levy to be imposed on operators offering horse racing betting. The proceeds from this levy will be spent directly within the horse racing industry.
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