Latest Gambling Regulations in the UK
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The UK is one of the most developed and flourishing gambling industries. The Government announced its intentions to review the gambling-related laws to ensure that they correspond to the digital age. The UK has the strictest rules when it comes to land-based and virtual gambling.
The Gambling Act 2005 is the piece of legislation that determines whether gaming, participating in lotteries, and betting are legal in the UK. The Act only covers brick-and-mortar gambling businesses. In 2014, the G gambling-related legislation of the country was brought in line with the requirements of EU. To guarantee transparency and fairness to players, G betting commission has given a number of undertakings from 2017 onwards.
The UK gambling industry has seen a boom since the liberalization of the market in 2014. The gross gambling yield in the UK has jumped to £14.22 billion in 2020 from just £8.44 back in 2011. Remote gambling accounts for the greatest share of market. More than 32% of Brits take part in gambling activities weekly.
Gambling-related legislation of the UK awaits a review. The Government came up with some restrictions to make online gambling safer and less intensive. Gambling on credit cards was made illegal. Slots fans are affected by the new speed-of-play limit. Playing the National Lottery is now illegal for Brits under the age of 18. License fee cost increase for gambling operators will take effect on October 1st. The application, annual, and non-remote operating costs will all be increased. They will jump to 60%, 55%, and 15%.
