UK Regulation Changes See Many Online Casinos Leave Market
The Gambling (Licensing and Advertising) Act of 2014 will be in effect as of 1st October 2014 and this means that there will be a few changes in the way that the UK online gambling industry is regulated. This new law means that all remote companies offering their online gaming services to residents of Britain will need to hold a new license issued by the UK Gambling Commission, as well as a license from the jurisdiction from which they operate. In effect this means that an online casino operating from Malta for example, will need a Malta gaming license and also a UK license, and the powers that be have stated that this is to protect consumers, prevent against online fraudulent behaviour and also that all operators will stick to a strict advertising code. As well as the license, the changes also mean that those companies accepting bets from the UK will be subject to a 15% point of consumption tax...something that not all casino and sports betting operators are too happy about.
The major players in the UK market will of course stick around, obtain the license and pay the tax, however many smaller operators will decide to leave the UK market and concentrate on other areas. Large well established UK focused companies such as Ladbrokes and Bet365 will continue as normal, it is the smaller stand alone casino operations that will be affected. Many however, those that have a foothold in the market, will continue to provide their services to UK residents, and casinos such as Mr Green and Next casino have said that they are staying put.
Those areas that already provide an online gambling regulatory body, such as Gibraltar, have stated that their really is no need for the new laws, or the new licensing, as well established online gambling jurisdictions such as themselves already have strict codes of conduct in place. They also see it as a step back as they have years of experience in dealing with international online gambling companies, however the law has been passed, and much to the disappointment of the Gibraltar gaming industry, takes a hold, on October 1st.