With so many recent developments within UK, those of us who enjoy a good bet on the roulette wheel here and there may wonder what the future of gambling- be it online or playing in real life- would look like. Well, here are our predictions.
A NEXT STEP FORWARD: HOW WILL THE GAMBLING BILL (advertising and licensing) INFLUENCE THINGS?
Before we look at the long-term ramifications, let’s start by explaining the new rules. In the past, many betting companies relocated their digital businesses overseas to places like popular Gibraltar, where there was little or no tax on their profits.
Of course, the government was not pleased and has since tried to close the loophole with new rules that were introduced in late 2014. The so-called point of consumption tax (POC) means that online casinos and betting sites that offer gambling pay taxes where their customers live and not where the company is based.
So basically it makes no difference whether you now live in Manchester or Madagascar, in Barnsley or in the Bahamas – if you provide British betting customers with a service, you will have to pay 15% of your gross income to the British Gambling Commission in addition to the fees for a special license from the British Gambling Commission to withdraw the British state.
It is too early to say how the new POC tax will affect the profitability of online casinos that target British customers. Even though additional licensing and tax costs are unlikely to be passed on to customers , the changes in regulation will certainly impact online casino profits over the next few years .
Will this have a negative impact on players or will it lead to more competition and even better promotions? Only time will tell.
HOW ARE LIVE CASINOS LINKED TO ONLINE GAMES?
The rise in online casinos in the UK was due to a relaxed legal framework, the lack of sociable casinos and the increased promotion of gambling on television.
However, when the number of visitors in the real casinos increased, there was no corresponding interaction with the online counterpart. Probably in part due to the fact that British casinos are now more accessible, relaxed and attract more women.