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Profits from Gambling Makes UK Contemplate Casino Legislation

By allowing the 2005 Gambling Act to pass, the British government admitted that the regulation and legalization of gambling and online casinos was an effective way of bringing billions of pounds from tax revenues into the country’s coffers. The British gambling habit meant that the general population spent 50-billion pounds last year. This was a seven-fold increase from 2001. The British government felt that since so many Britons were gambling at offshore sites anyway, the country might as well benefit from the tax revenues if online casinos were legalized.

The move to legalize gambling in the United Kingdom has not gone without local opposition, however. Many organizations feel that gambling addiction will only worsen once gambling and online casino is allowed freely in the country. They fear that crime and social problems will rise when mega-casinos are allowed to function in major cities of the UK. While they recognize that gambling might be good for employment figures, they feel that the disadvantages of casinos outweigh the economic benefits.

The gambling public of the United Kingdom is by no means diminishing. Gamblers spent more than the country’s defense and transport budgets combined at gambling sites – both online and land-based. If the Commission is able to stay tough with its regulation laws, there is no reason that the industry will get out of hand.

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.