Since January of this year, lawmakers in the United Kingdom have begun working to better regulate the country’s online gambling industry. A number of new restrictions have been placed on the industry to protect citizens from gambling addiction. This week, news is coming out that five major UK gambling companies have agreed to form a new responsible gambling group.
Today, we’re going to look at what these gambling powerhouses are looking to achieve. We’ll also discuss some of the recent regulations set on the UK’s internet gambling industry.
For months, lawmakers in this country have started increasing regulations on online gambling companies. It’s well-known that the UK has the largest internet gambling market in the world. Unfortunately, gambling addiction has increased here in recent years. According to some statistics, more than 50,000 children in the UK suffer from problem gambling.
The government realizes it needs to make a change. One of the first new laws set in place here was a ban on gambling advertisements. Gambling companies here now have fewer options to promote their services to the public.
Many companies are already feeling the effects of this ban on gambling ads. These gaming operators were unable to launch ads on television during the recent Ashes cricket series between England and Australia. Advertisements on social media are limited, as well.
Now, some of the biggest UK gambling companies are choosing to embrace their public responsibility. Five of these companies have agreed to form a new committee to tackle some major issues.
Five of the biggest internet gambling operators in the United Kingdom are choosing to work together. Bet365, Flutter Entertainment, GVC Holdings, Sky Betting & Gaming, and William Hill have formed an “independent committee” to determine where to allocate their responsible gaming funding.
This comes just a few weeks after the five companies pledged to donate a percentage of their revenue to promote responsible gambling. Hope is that the committee will be active by September.
GVC Holdings, one of the country’s top gambling operators, recently came under fire for downplaying the issue of gambling addiction. Kenny Alexander, CEO of GVC Holdings, gave his controversial opinion to the media last month.
“I think there are far bigger social issues in the UK than problem gambling,” he said.
Alexander recently claimed he’s focused on helping to curb problem gambling in the UK. Late last week, the CEO told the media that he is “absolutely determined to personally ensure that GVC leads the way in improving our industry’s approach to problem gambling.”
We’ll need to wait and see how these UK gambling companies choose to allocate their responsible gambling funding.
Some analysts feared that the major regulations set on this industry would lead to a decrease in revenue. The ad laws here are some of the most restrictive in Europe. Several major companies have voiced their displeasure with these laws.
They don’t appear to be slowing down this industry. According to new reports, online gambling revenue has increased by 2.9% over the past six months. It’s a great sign for gambling sites in the UK currently operating.
Five of the biggest online gambling companies are now choosing to work together. It’s clear that the government is focused on changing this industry. Gaming operators realize it makes more sense to work with the government, rather than against it.
Are you happy to see these UK gambling companies take responsible gambling more seriously? Should regulations increase here? Let us know what you think in the comment section below!
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