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New UK Gambling Regulations Could Do Serious Harm

New UK Gambling Regulations Could Do Serious Harm

Many pro-gambling groups in the UK are up in arms as a result of a new proposed online gambling regulation that they believe could affect more than 8,000 betting shops and potentially cost 40,000 jobs.

New UK Gambling Regulations Could Do Serious Harm

New proposed changes to UK Online Gambling Regulations may do serious damage to the UK online gambling market.

The proposed changes are aimed at shifting the taxes imposed on gambling to the consumer and away from the operators.

This is due the fact that many operators have shifted to lower tax jurisdictions such as Gibraltar in the aim to reduce their expenses.

Helen Grant, the Minister of Sport, Tourism and Equalities, recently announced the proposed change which would allow gamblers to continue using high-stake gaming machines on the high street but they will have to use account-based playing practices.

Another proposal will require gamblers placing bets of more than 50 Pounds to do so in cash over the counter.

Dirk Vennix, CEO of the Association of British Bookmakers, said it will not only inconvenience gamblers but will also result in the overall reduction of investing in online gambling.

Gambling is very much a part of the UK in which an estimated one in ten people participate in some form of remote gambling including playing the U.K. National Lottery.

It is estimated that gambling revenues contribute up to 0.5% of the National GDP in the United Kingdom.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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