New UK regulations on crypto gambling business and latest GC's warnings
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UK Gambling Commission introduced a set of reforms in response to the rapid growth of the igaming industry over the past two years.
The UK Gambling Commission introduced a set of reforms in response to the rapid growth of the igaming industry over the past two years. The new regulations aim to protect players and decrease the rates of gambling addiction.
GC requires casinos to disclose all the relevant information. This information includes the average amount of winning versus losing per player. New regulations will likely cost online casinos a large portion of their revenues.
GC wants to get more involved in the igaming industry. New regulations would decrease operators' ability to manipulate players. Online casinos can offer loyalty bonuses. If the GC conducts market research and finds out that a lot of players cannot stop because of attractive bonuses, chances are there will be none of those.
GC has banned credit cards from igaming operators. People with gambling addiction can no longer use credit card. They have to use debit card, e-wallet, cryptocurrency or other popular payment methods. The only party that is going to lose revenues because of the regulation is online casinos.
GC is concerned with the rapid growth and internationalisation of gambling. GC is worried that it will not be able to oversee gambling effectively. GC's executive director Tim Miller says that internationalization could disrupt the commission's work.
