UK gambling commission announces new online restrictions
The United Kingdom has one of the biggest gambling markets worldwide. In 2018-2019, the gambling industry of Great Britain generated a GGY of over 14.26 British pounds, which just shows how gambling is a big part of the UK.
Many might be quick to think that the UK is a big version of Las Vegas or the Atlantic City since it has a huge gambling market. However, this isn’t the case because online gambling what’s extremely popular with the British people. The locals would check websites like Casinowhizz.com to check on the best online casinos in the country. People here would just really rather place their bets online.
While online gambling is huge in the country, the local government is making sure that the locals are safe from all the risks. Gambling poses many risks and if it’s not effectively regulated, it could cause a lot of problems.
The UK gambling commission and its efforts
The UK Gambling Commission (UKGC) is a public body of the UK’s government that is responsible for regulating and supervising the gaming laws in the country. It is also responsible for issuing gambling licenses and regulating the National Lottery in the UK.
This government body has been around since 2007 and so far, we can say that it has been successful in regulating the gambling sector. It has implemented rules and regulations that help make sure that safe gambling is practiced in the country.
Last year, the UKGC implemented new rules to tighten the restrictions in the country. Part of this is requiring all online casinos to make all their customers go through a thorough verification process. This means that people who wish to sign up at an online casino will be required to provide proof of identification. With this, online casinos are not allowed to offer any gambling services to a customer who hasn’t been verified just yet. The main purpose of this is to make sure that no minors will be able to get access to any gambling activities.
Last year was also when credit cards were banned from being used in any online gambling activities. This is part of the government’s efforts to reduce the risks that gambling has. People with problematic gambling behaviors tend to spend money that they do not have on casino games and so prohibiting them from using credit cards for any gambling transactions could help a lot.
Latest restrictions and rules to be implemented this year
Recently, the UKGC once again announced new restrictions that are designed to make online casino games safer. Included in these new restrictions are limiting spin speeds and banning features that speed up play and celebrate losses as wins.
Casino operators will now be required to display the total wins and losses of a player as they play games like slots. According to the UKGC, licensed online operators should be able to implement the changes by October 31 this year.
The UKGC has explained that the concern over online slot machine games is growing as these games account for about 70 percent of the gambling activities in the country. Slot machine games also have the highest average losses per player compared to any other gambling activity.
Based on statistics, British people would spend over 2 billion pounds on online slot games alone. It is also estimated that the UK has 15 percent of the online slot machine market. If you remember, the UKGC has already implemented restrictions on the fixed-odds betting terminal before and they are now only really going after its online counterpart.
Another change that might be introduced this year is the ban on reverse withdrawals. This is a feature that allows customers to re-gamble the money that they have previously tried to withdraw.
The commission talked about this and said, "Evidence shows that reverse withdrawal functions present a risk to players because of the temptation to continue gambling. Besides, the slot features being removed or more closely controlled have been associated with increased intensity of play, loss of player control or binge play."
While the UKGC is only aiming to ensure the safety of its locals when it comes to gambling, this still has its effects on the industry. Gambling operators in the country are now starting to consider offering their services to other markets like India and Australia. Australia also has restrictions in place when it comes to online gambling but Australians can still visit 24k Online Casino Australia.
The gambling markets in India and Australia have the potential to become the next biggest gambling market and gambling companies are very much aware of this. As more restrictions are implemented in the UK, it is becoming more apparent that the local gambling companies might start building a strong market elsewhere.