The UK gambling industry makes about £14.4 billion every year. As a result of this growing revenue, many igaming companies are looking to establish themselves in the market and have a share.
To protect the safety of the player and the status of the industry, the UK Gambling Commission has introduced some new sets of laws to guide online gambling. These new laws concerning online gambling will affect the future of online gambling in the UK.
In the United Kingdom, the United Kingdom Gambling Commission (UKGC) oversees any sort of regulation of legal gambling institutions. This body has been regulating the industry since 2005 when it was established.
The regulations implemented by the UKGC may affect even the mechanics of the games provided by online casinos.
Thus, many believe the UKGC will introduce a maximum betting limit on online games as they did with the current £2 limit for fixed-odds betting terminals. Slot machines with “feature buys”, where players can purchase bonus features in addition to playing for free, have already been banned by the commission.
The UK has hundreds of licensed casino operators that offer online gambling services to the general public. The UKGC has already fined many of these operators for failing to meet the standards and regulations it has imposed.
Despite this, the UK is still one of the leading markets for online gambling in the world but they still have room for improvement which they can meet with time. The market that has so much potential still attracts a lot of investors.
Online Gambling Law in the UK
With the recent increase in iGaming companies in the country, the commission ensures that the casino operators and players are protected from any distortion to create a safe gambling environment. Through the strict rules instituted by the commission, they have been able to maintain a stable gambling industry.
Some of the new laws the commission put together to ensure stricter regulations include a thorough vetting of operators and companies before they’re licensed to operate in the UK. The UKGC is known to have a very strict regulatory system which has led them to have the highest requirements and standards for their operators.
They have also implemented a strict age verification process for operators to curb underage betting.
Now the UKGC requires betting companies to verify the age of players thoroughly before they can deposit or play games on their platform.
In 2020, the UKGC also placed a ban on the use of credit cards because of the high number of individuals who have become addicted to betting through the use of their credit cards. Having this ban in place will protect and help players who may develop gambling addictions.
Though, it was inevitable that the UK players will look for a replacement for the payment methods they used to.
Cryptocurrency Enters the Fray
Players from the UK quickly realized that Bitcoin is an independent currency and can become a replacement for any other means of payment that are subject to influence from regulators. And so did online casinos.
With the introduction of crypto gambling, many players do not need to convert their cryptocurrency to fiat currency to play games. After creating and funding their account at a crypto casino they can bet directly with their coins and enjoy such benefits as much quicker payouts, enhanced privacy and lower fees.
Considering the interest of the UK players in using Bitcoin for their gambling activities, there is no iota of doubt that the UKGC will try to put forward new regulations soon. However, the decentralized concept of cryptocurrency calls into question the ability of the government to put any considerable restrictions on the crypto gambling industry in the UK.
The majority of gamblers in the UK prefer online casinos to other forms of gambling. However, the regulations become tougher and tougher, which makes the players look for alternatives. Bitcoin and cryptocurrency are becoming a rising trend among the UK players due to their resistance to restrictions and technical features.