Gambling Act of 2005 in the UK Goes Wrong
NCiF in the UK was put in place for the purpose of regulating the gambling industry. This was supposed to be done in a social as well as economical manner through the entire UK region. Recently, some advisors were put in place to monitor how the industry is fairing and improve the situation by making things better for UK gamblers. Upon completion of the research by the appointed advisors, it has been established that the Gambling Act of 2005 has plunged the industry into deeper complications. In essence, the act has been outlined as the major factor contributing to the poor conditions currently associated with the industry.
According to an article published in the Telegraph, the act was put into place as a bid for ensuring that more casinos based on land were set up. Rather than helping the industry, this has caused adverse results with the casino promotions and bonuses facing a major blow as well. This is because the fixed stake rules and quotas for the different gambling devices only served to make it impossible to comply with the rules. The end result of this has been an increase of the tax rate from 2.5% to a 500% increase in the original duty. Consequently, this has made it impossible for the costs to be translated down to consumer and the weight is only felt by the casinos thus lowering the rate of profit made.
There are several strategies which have been recommended to improve this state of things. Key among them is raising £ 45 million in revenue to support casinos as well as build some land based ones. What is more, since there are several gambling machines which are legal whether used in casinos or not. These therefore should be introduced to make the industry more profitable.
Since casinos cannot be set up just about anywhere, the local authorities are also encouraged to consider the possibility of highlighting the best locations for setting them up. Critics argue that the casinos situated in areas that don’t give much revenue should be moved to areas that are profitable. This will capitalize on the opportunity available and hence, increase the casinos chances of success. Through encouragement of promotions and bonuses for players, the casinos will undoubtedly reap higher benefits from the venture.
While this is the case, land based casinos are extremely monitored in the UK and this is seen as a major setback. This is because it does not give casino owners the opportunity to experiment and uncover what might or might not work.
If the gambling industry in the UK is properly streamlined, it cab also be a major source of employment. It is estimated that it can create more than 5,000 jobs in the entire UK region. The best thing about the industry is the range of promotions and bonuses offered to players and which make it possible for them to get the most out of the gambling industry thus attracting them for more. Critics argue that the gambling act of 2005 should be completely abolished for this end to be met.