Is This the Denouement of Gambling in the UK?

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It isn’t all beer and skittles for the gambling industry, as Westminster seems all charged up to make a dashing revision to the gambling laws in the UK. The opposition called for a government review of the gambling legislation in the UK. This review proposed numerous measures for stringent regulations on the industry, and this included prohibition on gambling adverts. In a nutshell, the details had a proposal to regulate online and TV gambling adverts, a €2 stake limit for online slots, terminating VIP schemes, customers to undergo affordability checks, controlling gave designs, and a novel ombudsman.

The Covid-19 Climate

This year witnessed a mixed emotion in the gambling industry. While the land-based casinos were blindsided by a second blow, the online casinos observed an upswing in sales. The closure of all physical bookmakers and brick -and – mortar casinos across the nation from March 2020 testified to suspending 50% of the market’s remunerative activities, according to the UK Gambling Commission (UKGC).


At the same time, it was observed by the UKGC that a 60% escalation materialized in the number of bets on real event betting. Further efforts witnessed a thriving soar of 2922% from last year March, followed by a massive 124% between March and April owing to the solace unfurled in virtual events.

Will anything really change?

The citizens of the UK have embraced gambling transitioning the industry at the heart of their lifestyle. It is analogous to their amusement over sports and video games, the resurgence of bingo, and the nation’s amorous affair with National lottery tickets.

The flipside of implementing this legislation is a massive crackdown in the UK, facilitating the growth of individuals wagering offshore into unregulated and potentially treacherous markets. The economic revival furnished by this industry, especially during testing times like these, is commendable – almost €3 billion as a gambling tax.

Now with a decline of 10% faced by the UK economy, this move would further plummet the nation’s economy to rags along with the uncertainty escorted by Brexit lurking on the horizon.

What Could the Future Look Like?

For upholding consumer protection, public input and suggestions around the refashioning of online slots by employing online form have been sought by the gambling regulator. The UK residents can also suggest modifications to the proposed changes before Sept 3.

 

The capability of the gambling sector in the UK to adapt will engender the industry to view this opportunity to purge the industry of any negative undertone. The alteration of the 2005 Gambling Act is a much-needed intervention because of its fusty nature and thereby embrace the upswing of digital and online gambling through this revision.

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