The UK gambling industry continues to be hit with new regulations. As a result, several of the biggest UK gambling companies have pledged to work on player safety. It’s the second time this year that companies have committed to fight against gambling addiction.
Some huge changes are coming to this country’s gaming market. Many are concerned that these new regulations could have unintended consequences. Let’s look at what’s happening in the UK this week.
New UK Gambling Regulations Introduced in 2019
The UK has the largest online gambling market in the world. Most of the world’s largest online gambling companies were started here. Up until very recently, these companies enjoyed one of the most liberal gambling markets in the world. Things have begun to change in 2019.
For almost all this year, lawmakers in this country have been looking for ways to better regulate gambling operators. Rates of gambling addiction have been surging here, and many feel the government isn’t doing enough to solve this issue. The first real regulations came back in February.
That month, the government set several new advertisement regulations. That same month, lawmakers discussed plans to ban credit cards for online gambling. In March, the UK Labour Party announced that it supported additional regulations on the gambling industry.
In April, the government announced a “National Strategy” to combat gambling addiction. This included adding new rules for land-based gambling companies. Now, the maximum stake allowed on FOBTs is just £2.
These regulations aren’t slowing down. Many feel that in time, these new rules could push companies to leave the market.
MPs Call for Additional Regulations for Online Gambling
The government’s new restrictions on the gaming industry have taken a toll on online gambling companies’ share prices. Just days ago, the MPs in the country began calling for a limit on the maximum stake allowed on internet slot machines. Almost immediately after this was announced, several major UK gambling companies saw their stock prices plummet.
The government believes this new regulation makes sense, considering the new rules on land-based gambling.
“Unlike the land-based gambling sector, there are no stakes, prize or deposit limits in the online gambling world. It is possible to bet thousands of pounds in a matter of minutes from a mobile phone with no supervision,” the MP’s report claims. “We do not see the justification for having slot machine style games online with staking levels above £2. If they are not acceptable in land-based venues they should not be allowed online.”
Share prices of GVC Holdings, which operates both Coral and Ladbrokes, fell by 7.7%. William Hill’s stock prices fell by 7.5%.
It seems likely that these new rules will be implemented. The toll that these regulations will have on gambling companies is not entirely known.
The new rule on FOBTs caused William Hill to close 700 of its land-based betting shops. Additional regulations could cause even more damage.
UK Gambling Companies Announce New Plan to Promote Safer Betting
Just days after this announcement, several of the biggest UK gambling companies announced their intention to promote safer wagering. CEOs of the 10 biggest online gambling companies in the country are now forming…
“the most comprehensive set of measures from a wide group of leaders across the sector to support the UK Gambling Commission’s national strategy to reduce gambling harms.”
These companies are focusing on five main points:
Prevent underage gambling and protect young people
Increase support for treatment of gambling harm
Strengthen and expand codes of practice for advertising and marketing
Protect and empower our customers
Promote a culture of safer gambling
It’s great news to see these companies actively working on social responsibility. Too many individuals in the UK are suffering from gambling addiction issues.
Many of these UK gambling companies are currently working to break into the US market, as well. In 2018, the US began allowing every state to set its laws on sports betting. Nearly 20 states have already legalized this form of wagering.
The sports betting market in the US is now one of the most lucrative in the world. Several companies, including William Hill, are already active in many states.
Do you think the UK is right to keep implementing new gambling regulations? Let us know in the comments section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...
The information found on Gamblingsites.org is for entertainment purposes only. It is a purely informational website that does not accept wagers of any kind. Although certain pages within Gamblingsites.org feature or promote other online websites where users are able to place wagers, we encourage all visitors to confirm the wagering and/or gambling regulations that are applicable in their local jurisdiction (as gambling laws may vary in different states, countries and provinces).
Gamblingsites.org uses affiliates links from some of the sportsbooks/casinos it promotes and reviews, and we may receive compensation from those particular sportsbooks/casinos in certain circumstances. Gamblingsites.org does not promote or endorse any form of wagering or gambling to users under the age of 18. If you believe you have a gambling problem, please visit BeGambleAware or GAMCARE for information and help.