For most of 2019, the United Kingdom has cracked down on the gambling industry. This week, the country’s Gambling Commission announced a new set of regulations on UK gambling companies. It’s tough news for these gaming operators, some of which have seen their revenue earnings decline this year.
Today, we’re going to look at what new regulations these gambling companies are now facing. We’ll also look at some of the other major changes placed on this industry in 2019. Let’s get started!
UKGC’s Crackdown on the Gambling Industry, Explained
The United Kingdom is home to the biggest online gambling market in the world. Many of the top internet gambling operators are based here, most of which are extremely successful. Recently, however, the UK has reported extremely high rates of gambling addiction. Lawmakers in the country are now working to stop this issue.
For the past nine months, politicians in this country have begun implementing new restrictions on the land-based and online gaming industry. One of the big regulations that is actively affecting companies is the lowered maximum stake on FOBTs. In the past, these gambling machines would accept wagers up to £100. Now, the highest wager that FOBTs can accept is £2.
This has lowered the amount of revenue that UK gambling companies make from their land-based betting shops. In April, the UK Gambling Commission announced a new “National Strategy” to combat gambling addiction. The government body is working on new ways to curb the growing rates of problem gambling.
New laws on gambling advertising and accepted payment methods have also been introduced here. This week, the Gambling Commission set fresh regulations that targeted companies in this country.
UK Gambling Companies Facing Additional Regulations
As we just mentioned, gambling operators in the UK have been hit with a series of major regulations over the past several months. This week, the UKGC has announced that all UK gambling companies must now sign up to GamStop, a self-exclusion gaming program company.
The government believes that gamblers in the country will be better protected with this program. It allows these individuals to restrict their own gambling habit. Players that choose to use the program will be excluded from all gambling sites based within the UK.
In order for gambling companies to operate in the UK, they must now officially sign up to GamStop. These companies will also synchronize their list of gambling addicts with GamStop’s. The process to get this new regulation approved didn’t come easy, though.
Back in January, the BBC detailed how easy it can be for gamblers to bypass the security measures set by GamStop. Despite this, the UKGC has decided it will help to lower gambling addiction rates around the country.
This isn’t likely to have any major implications for gambling operators in the United Kingdom. Many companies here are still arguing that additional regulations are unnecessary. Some are even struggling to succeed in the current market.
UK Gaming Operators Working to Adjust to New Regulations
It’s not an easy time for UK gambling companies. The days of limited regulations here are over. It seems like every few months, the UKGC announces a new law. As we’ve already mentioned, some of these companies are struggling in the current market.
William Hill, in particular, has had a difficult time adjusting to these new regulations. The FOBT regulation has had a significant impact on this company. Not long ago, Phil Bowcock stepped down as CEO due to the new changes. William Hill is now planning to break into the US gambling market, which is growing in popularity exponentially.
Some companies in this country are choosing to embrace the changes rather than fight against them. Not long ago, several of the biggest gambling operators in the UK decided to team together to focus on social responsibility. These companies are working to decide where to donate a portion of their revenue.
It’s likely that more UK gambling regulations will be announced this year. Hopefully, companies here can better adjust to the quickly-changing UK gaming market.
Do you think this new regulation makes sense? Will it help to lower rates of gambling addiction? 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. ...
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