Gambling Regulations in the UK – Will It Change after Brexit?
Everybody knows that the UK is one of the leading countries when it comes to liberal gambling laws and regulations. The UKGC (United Kingdom Gambling Commission), regulates and licenses all kinds of gambling in the United Kingdom. With a liberal and regulated market like the UK, come a lot of changes and updates to the existing laws, and 2018 has seen a lot of modifications and amendments to the gambling industry and activity across the UK.
Responsible gambling is one of the biggest priorities in the United Kingdom. Operators, according to the law have to be compliant with the procedures and policies related to responsible gambling. These policies include ongoing checks, KYC and AML protocols, technical standards for RNGs and Alternate Dispute Resolution. The UKGC is responsible for many forms of gambling including Poker Gaming, Bingo, Lottery, and Casino gaming to mention a few. Two significant parts of the significant changes that happened in 2018, and will be active in 2019 are the increase in the POC tax, and the cut down in the maximum stake of FOBTs. These are all changes according to the domestic needs and policies, and with Br-exit looming in the distance, a big question is:
Will Br-exit Change the Gambling Regulations in the United Kingdom
The gambling regulations in the United Kingdom follow the laws that are mandated by the European Union. Since the United Kingdom is planning to break free from the European Union, the requirements might witness some significant changes. Br-exit will not only have far-reaching effects on the gambling nature in the United Kingdom, as it might also have an impact on the gambling-style activities that are available for players in the UK and the European Union. The pace of the changes in the UK has a great effect on the gambling industry, especially the online gambling sector. To indicate that, the financial services sector, faced fines that amounted up to GBP 1.98 billion since 2013. Due to the great penalties and the changes, more than 100+ major United Kingdom gambling companies closed their operators in the United Kingdom.
The Br-Exit might raise some flags regarding the EU licensed gambling operators that will offer services to United Kingdom citizens and vice verse. Currently, many EU online casinos have pass-porting rights so they can provide services in the UK, and the other way around, the casinos licensed by the UKGC can offer services in EU countries. Nothing is definite yet regarding how can the Br-exit affect the interactions between the UK and the EU concerning online gambling services. So while nothing is sure so far, but only time will tell what does the Br-exit has in store of the gambling and online wagering scene in the United Kingdom.