The online casino market is one of the biggest sectors within the entertainment industry in the UK. This is because it has always been legal to gamble in the UK. As a result, many of the biggest online casinos that are available today offer their services to UK players. It is also the home to many casinos that are just beginning their journey like https://www.casimboo.com/. New casinos see the value of offering their platform to UK players. Therefore, all acting towards one of the healthiest gambling economies seen around the world. However, the market sector this big needs to have some element of control over it.
Every gambling region around the world has its own regulatory body. For the online casino UK market, the regulatory body is the Gambling Commission. They are responsible for making and enforcing the rules that online casinos must follow. As a result, they are a government-run company and do not make a profit from what they do. However, they do issue fines to those who do not follow the rules that they make. Since the introduction of the Gambling Commission, they have introduced many important regulations. But as the technology of online casino UK services has advanced. The rate at which regulations have been introduced has also increased dramatically.
It is now getting to a point where players are turning elsewhere for their casino needs. As a result, it is believed that the online casino UK market is becoming over-regulated. There are changes ahead for the whole gambling economy across Europe, with developers begin a crackdown on gaming operators. With the online casino UK industry being the largest in Europe, the changes that are decided to be in place will have a huge effect.
Changes to Come to Online Casino UK Platforms
However, it can be said for all the major regulators that their current rules are ‘too liberal in the digital age’. The UK is not the only country to be thinking about major changes. As a result, Germany is in discussions to put strict limits on its recent regulated online gambling market. Sweden is also doing some changes, therefore, putting limits on deposits, stakes and ‘freeplay’ money that is given away in promotions.
In the UK, the laws in place controlling the industry are being criticised for being too liberal. As a result, also fuelling the nation’s problem of the rise in gambling addiction. However, with the industry pulling in £11 billion annually. Research shows that an estimated 2.7% of the adult population has a gambling addiction. Although this figure has experts arguing against it, MP’s say that is enough to warrant a change. The calls are for any new regulations and laws to be tailored around trying to prevent gambling addiction. With ver 50 MP’s and other peers all calling for the change, it is set to happen very soon.
Some of the changes they are calling for include a ban on gambling adverts, both on tv and online. Restricting businesses from advertising can have devastating effects on the business as well as the market. Another change coming into action is a limit on all online slot machines. this will take a lot of work within the industry to change every game on offer. One of the most controversial is independent financial checks on players. This will ensure that players can afford the bets they are playing. However, this will make many players not wish to play.
Changes To Come To Germany
The UK is not the only country to be thinking about making some major changes. As a result, Germany is also wanting to make some major changes. However, the online casino market there is relatively new and nowhere near as large as the online casino UK market. With the market only just legalising online casinos and poker from July 2021. The new changes this quick into the life of the market have come as a shock to experts. Some of the restrictions they are planning include rules on how much players will be able to bet. Therefore, limiting just how much operators will be able to make online.
They also look to be following the online casino UK market direction. As a result, gambling advertising will be limited from 9 pm to 6 am to restrict exposure to younger children. Fixed jackpots will be banned from online slot games and also the autoplay function. One of the more interesting restrictions is that they are implementing is that slot games are not allowed to be featured as a side game. As a result, some games like Blackjack will not be able to have a slot game feature.
Enforcement of the new regulations is set to continue on companies that are operating illegally. It is said that around 100 german companies have been warned in recent months. As a result, 10 of these have already decided to withdraw from the online casino market in Germany.
Sweden Also Have Changes Coming
Sweden is a major contender to the online casino UK market. They have been a huge contributor to the industry worldwide. As a result, it is the home country to gambling software giants NetEnt. Therefore, just themselves, NetEnt contributed more than £496.7 million in revenue in the first quarter of 2020. The Swedish government, however, are set on toughening up its gambling laws. The country has taken a pro-active stance on addiction during the pandemic. With the emergency gambling measures set to stay in place for the rest of the year.
Some of the measures they currently have in place include a weekly deposit limit for players of 5,000 SEK, approximately £400 per week. Players can also only claim a maximum bonus amount of 100 SEK which is £8. One of the most controversial rules that is in place is time limits. Therefore, the government has passed laws limiting Swedish players on their playing time at online casinos. This may seem very strict, however, they have claimed this is only a temporary measure. The hope is that this kind of rule does not find its way to the online casino UK market.