Even After Tighter Regulation, the UK Gambling Industry Is Thriving
There have been a number of changes to gambling laws and regulations in order to help prevention of addiction and operators exploiting customers during 2018. This was seen by many as a government crackdown on bookmakers and casinos but it has had zero effect in slowing the pace of growth in the sector down. The new standards set for online and land-based companies are one of the toughest in the world and all are required to fully comply with it or face been shut down.
One change that was expected to have the biggest impact was the introduction of tougher regulations with regards to advertising practices allowed in the gambling industry. This has been in play since January 2018 and was introduced to help with customer protection. One of the reasons why the UK government felt the need to bring in the new rules was down to research carried out by the Gambling Council showed that up to 2 million could be at risk of becoming in the UK.
Risks for those who do not comply
Top online casinos in the UK such as https://www.slotsino.co.uk and sports betting sites that are licensed to operate in the United Kingdom now have to follow strict advertising requirements. This means that they are no longer able to attempt to exploit or mislead consumers through advertisements and if they do not comply they can get huge fines or even lose their license to operate in the country.
Sports betting sites now have to adhere to new rules that ban them from showing advertisement during broadcasts of live sporting events. This is a for the media companies as it totaled around 95% of all the commercials shown during live sports events. These new regulations came into effect on the 2nd of April this year and those that have not made the changes face a big penalty.
What About FOBTs?
Fixed odds betting terminals (or FOBT) have been an item of some controversy for a number of years now. This year the Government has finally taken action to limit the amount that can be spent on these types of machines. They have been classed as with server consequences due to over one hundred pounds been possible to bet in a matter of seconds. Now they have been limited to only two pounds per 20 seconds which will have a dramatic effect on profits that they make.
Fixed odds betting terminals have been propping up high street bookmakers for years and restrictions will lead to further closures of high bookies who are struggling due to the consumer switch to online and mobile apps betting.
All of the different laws and regulations brought in so far this year have done little to impact online casinos and sports betting sites. High street bookmakers are the ones that have been worst hit and will continue to struggle due to better using alternative methods. With revenue of more than , it does not look likely that it will slow down anytime soon. With the introduction of new technologies such a VR and AR, it is likely it will continue to grow in popularity.