The Gambling Commission in the UK has once again updated its laws on online gaming operators. These changes come in an attempt to protect players and their money. The UK’s online gambling rules have changed several times over the years, and the latest update should have a positive effect on the industry moving forward.
So, what exactly are the new regulations?
The first set of laws to regulate online gambling in the UK (the Gaming Act) came in 2005. These regulations ensured that forms of gambling in the country were fair. They also helped to create the country’s Gambling Commission.
In 2014, the UK’s online gambling rules changed. Before this time, many of the gambling sites operating inside the UK were based in small countries with very little tax regulations. The UK recognized this and began mandating that all sites accepting UK players must obtain a license from the government. This made a significant impact on the revenue the government here obtained.
Until now, gambling websites in the UK were not required to perform identity and background checks on their players for 72 hours after they had signed up. As you might expect, this caused thousands of people across the UK to lose their money.
The UK Gaming Commission recognized that some sites were purposely making it difficult to withdraw earnings. In response, they changed their laws. These websites will soon be required to perform identity checks before any wagers can be placed.
The UK Gaming Commission states that the new laws will help to protect gamblers. Early identity checks will force gambling sites to pay out winnings promptly. The UKGC is also working with gambling operators to prevent problem gamblers.
According to the Gaming Commission, the new laws will take effect on May 7th. Hope is high that these regulations can better protect gamblers’ money and prevent both underage and problem gamblers from accessing wagering sites.
The United Kingdom currently has the strongest gambling market in the world. The industry here has risen sharply over the past decade, with millions of UK citizens claiming to be regular bettors. Between 2016 and 2017, gambling revenue in the UK reached £4.5 billion.
Sites like Bet365 and Betway Sportsbook have become extremely popular here over the years. Not long ago, news came out that Bet365’s owners are the second-highest taxpayers in the country. These sites have millions of active users and generate millions in revenue every single month.
Online casino sites like Mr. Green and 888 Casino have also grown popular here in recent years. These sites offer a wide range of different casino gaming options including live blackjack, baccarat, and online poker.
The UK’s online gambling rules are changing for the better. The sites listed above have fantastic reputations for offering quick and safe payouts. Soon, all gambling websites operating in the country will have to provide that same level of security.
Do you think these changes will be good for the UK gambling industry? Are there any issues you foresee? Let us know in the comment section below!
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