Turbulent Times Ahead: The UK Online Gambling Market Braces Itself For Regulatory Reform

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The UK's Secretary of State for Digital, Culture, Media and Sport confirmed that the UK plans to replace the EU's data privacy act with its own set of rules. Data security and protection are issues that gambling industry has demonstrated a commitment towards for a long time. The situation for gaming operators is about to get significantly more complicated as they are forced to contend with two different data Privacy Act systems.

The UK is trying to cut ties with the EU by introducing its own data protection and digital information bill. The transition out of the European Union has been complicated by the COVID-19 pandemic. The creation of these rules of data Protection in the UK has already been in pipeline for a couple of years.

The UK is facing economic strife and the choice to leave the EU's GDPR program complicates things for gaming providers. Senior Writer and casino expert at NoDeposit365, Tim Wright, is concerned about the future of the UK's jurisdiction.

The UK is leaving the GDPR. The secretary for digital, media, culture and sport, Donelan, justified the government's decision. She cited examples from countries like New Zealand and Japan to justify the changes. Business leaders are not convinced and are frustrated with having to comply with multiple rules.

The introduction of the GDPR was met with enthusiasm and positivity. However, 6 years later, business across the EU suffered profit losses averaging 8.1% since the adoption of GDPA. Bigger companies still lost around 7.9% of their profits, whereas SMEs were harder hit, with losses of 8 to 8 5%. Even large technological giants like Apple saw no significant impact from the implementation of this law.

The future doesn't look good for businesses operating in Britain. The government's decision to dump the GDPR and inflation are bad for the economy. However, the pace of change is likely to be slow when it comes to the introduction of the UK’s data protection system.