Each country’s gaming license has strict geographical boundaries. As for Great Britain, its license covers prosperous regions – that is why it is easy to say that online casinos have a high impact on the UK market. Online casinos licensed in this country have exclusive authority in the sphere of virtual gambling. The thing is that such resources, where you can play blackjack online, attract players from countries with the highest standard of living. These are the gamblers from the United Kingdom, other European countries, and the United States of America. In the global licensing arena, Great Britain is the leader in the total volume of the virtual gambling business in monetary terms. In addition, the UK is the home for main offices of such giants in the production of gaming software, as Microgaming and Playtech, while London usually hosts a number of the most significant gambling conferences.
Who regulates gambling business in the UK?
Two organizations deal with the supervision of the online casinos in the United Kingdom – the Gambling Commission and the Licensing Committees.
The first organization was founded in 2005 since the passage of the Gambling act. It is aimed to control the operation of web-based casinos, bookmakers, and other similar institutions. Due to the emergence of this act, the gambling business was largely reformed, and close attention was paid to protective measures for underage players and gamers with addiction.
The UK license, which is issued by the Licensing Authorities, has its advantages, which include low tax payments, no additional Commission expenses, and no double taxation.
How have online casinos impacted the UK market? Financial point of view
More than 30% of the gaming market of the United Kingdom is occupied by virtual gambling. For example, four to three years ago, the gross income of the country was £4.5 billion. Hence, this is the most considerable segment of the market, as other industries make smaller profits. Perhaps, another lucrative sector is the British national lottery, as in 2015-2016, it has brought about £3.5 billion to the state treasury.
As for the most beneficial areas of virtual gambling, casino slots and betting providers are considered the leaders of this list, bringing from 1.5 to 2.5 billion pounds a year.
How have online casinos impacted the UK market? Experts’ opinion
Representatives of the online gaming community hope that the tighter regulation, which swept the gambling industry of the country in 2018, would ease in the next couple of years. At the same time, the percentage of people addicted to virtual gaming portals is expected to decrease.
Last year, severe measures against online casino operators were strengthened even more. Then, the Gambling Commission of Great Britain imposed fines and financial sanctions for a total amount of 28 million pounds.
According to the forecast of financial experts, in the immediate future, operators should take into account the tax increase on remote gambling from 15% to 21%. They also should put their focus on protecting players, offering additional control options and restrictions for virtual gaming, including a ban on the use of credit cards.
Besides that, there is a possible introduction of a mandatory system of funding for gambling harm research, education, and treatment established at the state level. It looks like the next couple of years will be extremely challenging for the UK online casino industry, and therefore, for its market.
Closing thoughts
Online casinos have positively impacted the UK market, as the virtual gaming sphere of the country is and has always been a major source of income, employment, and entertainment for a long time. For this positive tendency to continue and for gambling resources to bring more revenue to the national treasury, experts recommend that casino operators unite to establish the targeted cooperation offered by the Gambling Commission of the United Kingdom.
