Payment Processors to Block Unlicensed Gambling Sites In UK
Certain payment processors will block transactions to and from unlicensed gambling sites in the United Kingdom from later on this year. Visa, MasterCard and Paypal have all reached a voluntary agreement with the UK Gambling Commission to stop processing such transactions when new gambling laws are introduced in the region later on this year.
The move comes despite the fact that, earlier this month, the House of Lords rejected a proposed amendment to the Gambling (Licensing and Advertising) Bill that would have forced the processors to take this action.
Under the terms of this bill, which is due to be passed into law at some during this year, all gambling sites which accept UK customers will require a license issued by the Gambling Commission – regardless of where they are based. They will also be required to pay a point of consumption tax, which is expected to be 15% of gross revenue.
The agreement of the payment providers to block transactions to sites which do not hold a license will, presumably, encourage some sites to apply for one. This should help the Gambling Commission achieve its goals of ensuring that all betting and gaming providers operating within the UK market are fully regulated.
It will also help the UK government to collect taxes from overseas based providers that are currently profiting from UK residents.
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