What's In Store for the Newly-Regulated Online Gambling Industry?
What’s In Store for the Newly-Regulated Online Gambling Industry?
The growing fame in online betting obliged big names such as William Hill and Ladbrokes to rely their businesses in Gibraltar where tax system provides benefits over the tax rules in the UK. The proposed reforms in remote gambling is now subject to a legal defiant by gambling companies operating out of Gibraltar where many of the UK’s bookmakers are controlled.
Currently, online gambling operators who do not have any key gambling equipment in Great Britain are not required to acquire a license from the British Gambling Commission. They cannot promote their offshore gambling In Great Britain unless EEA regulates it or any “white listed” country (or those countries who have regulatory regimes meeting the standards required by the Gambling Act). Although Gibraltar is not considered as white-listed, it is considered as part of the EEA for the purpose of remote gambling.
Point of Consumption Versus Point of Supply
Things are changing with the new regulation. Last December 2013, The Gambling Licensing and Advertising Bill had its secondary reading in the Hose of Lords. Once rulings have been set, the Parliament would implement having online gambling operators in Great Britain on the basis of where bets and wagers are placed and not on where the operator is based. Therefore, foreign-based operators would be required to acquire license from the Gambling Commission in order for them to take bets and wagers, and conduct marketing to British consumers, regardless if they don’t have any equipment in Great Britain.
More to Expect
In 2015, betting via mobile devices and smartphones will continue to rise and it would be a good opportunity to develop more betting apps and more improved mobile websites. The World Cup will further fortify this trend. Recently, next goal scorer and the other markets for betting on the result of individual events in sports events is expected to grow. Improved guidance on advertising gambling will be issued by The Committee of Advertising Practice concentrating on bonus offers and free bets.
The Financial Services and Markets Act, and not the Gambling Act, will scrutinize spread betting. It is regulated by the Financial Conduct Authority wherein operators of spread betting are not obliged to inform regulators of suspicious betting patterns. New guidance to sports spread betting regarding obligations in reporting suspicious activities will be released by the FCA.
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