The UK Gambling Commission regulates and closely monitors the land-based and online gambling market in United Kingdom. Answering to the Department for Culture, Media and Sport, it operates under the terms of Gambling Act of 2005. Over the last decade, the UK legislation has emerged as an example worth following by most of its European counterparts. The gambling laws are clear and straightforward, therefore encouraging casinos, bookmakers and poker rooms to set their headquarters in the UK.
The most important question that prospective customers seek to answer is in regard to the legality of online gambling. UK residents can bet over the Internet or play casino games without fearing the repercussions. The best part is that they need not to worry about online gambling operators being registered or not with the UK Gambling Commission. A little research goes a long way in choosing an online casino, but at least players don’t risk penalties and fines for playing in the wrong place.
The commission strictly enforces the Gambling Act of 2005 and since 2003 it also regulates the National Lottery. It does the due diligence of watching over the market and issues licenses to gambling operators that meet their standards. Those who break the law or fail to uphold their end of the deal, are in danger of being fined or even have their licenses revoked. Those who aspire for a license in order to serve local customers need to have their headquarters in the UK.
The UK Gambling Commission has a mandate to prevent gambling from turning into a source of disorder or crime. It makes sure that all forms of gambling are conducted in an open and fair way. A sensitive issue is the one of underage gambling and UK legislation protects vulnerable persons and children from the danger of exploitation.
The taxes paid by gambling operators who have their headquarters in United Kingdom are higher than the average amount paid in European countries. The new point of consumption tax has caused the departure of several bookmakers, online casinos and poker rooms. Those who chose to remain still complain about the taxes that have a nasty tendency of only going upward. This is the consequence of the fact that the gambling industry is regarded as fair game by politicians trying to patch up the budget.
Another threat to the otherwise properly regulated UK online gambling industry is posed by uncertainty. The Brexit took its toll on stocks the British Sterling pound and threatens to have long-term consequences for the entire economy. The gambling market is not insulated by this threat, in fact it seems to be particularly vulnerable to the aftershocks.
If the negative scenarios projected by the media and pundits come to pass, the British economy will shrink. The gambling industry was targeted in the past by legislators using the instrument of taxation as a source of revenue for cash-strapped budgets. After all, politicians love to paint online casinos, bookies and poker rooms in dark colors and blame them for everything that’s wrong in society.