The UK gambling industry is worth £14.4 billion per year. As more igaming companies seek to establish themselves in the market, the Gambling Commission has recently introduced a series of new rules and regulations that are designed to protect the players. In this article, we will look at some of the recent regulations and the future of the UK online gambling industry.
Stricter rules and regulations
The UK Gambling Commission (UKGC) is the authority that is responsible for the regulation of gambling in Great Britain. Established in 2005, the commission introduces new regulations and grants gambling licenses to companies that seek to offer their online gambling services in the UK. To receive and retain a license, betting companies need to follow the commission’s high standards and requirements. Failure to uphold these rules could result in significant fines or losing the license.
In the last few years, the UKGC has introduced several regulations to create a safer gambling environment for players. In 2019, the commission implemented stricter age verification. This means that online casinos are now required to verify their players before they are allowed to deposit and play, even in free mode. Furthermore, a credit card ban was introduced earlier this year. It is estimated that more than 800,000 players use their credit cards to deposit and gamble, and this ban will protect players who are at risk of developing gambling problems.
Future of the industry
There is no doubt that the UK Gambling Commission will put forward other regulations in the coming years. Some believe it will introduce a maximum betting limit on online casino games, such as the £2 limit that is currently in place on FOBTs. The commission has already put a ban on “feature buys”, which are slot machines where players can stake extra money to buy a bonus feature. However, a maximum betting limit has not yet been announced.
There are hundreds of licensed online casinos in the UK. And while the majority of them have no difficulty in implementing the UKGC’s new regulations, several companies are opting to withdraw from the UK market entirely. Several operators have received hefty fines for not following the Gambling Commission’s general rules in the past, and some companies may not be willing to take the risk that comes with operating a casino in the UK market. Furthermore, fewer companies may attempt to establish themselves in the market going forward. However, despite new regulations and stricter rules, the well-established igaming companies will still have good results in the coming years.