Online casinos have been a key form of entertainment since their launch. However, the market for online casinos has grown substantially over the years. No-one could have predicted just how large the industry would grow to become the giant that it is today. With many of the biggest names on the market launching in the UK, to begin with. The online casino UK market has been a spawning ground for a huge number of the very best casino services the internet has to offer. However, it is not just big casinos taking advantage of this as newer casinos like Casimboo have also used the market as a starting point.
There are many reasons that the UK gambling industry has become home to the biggest online casinos over the years. With the most prominent being the government. You may find that gambling is banned in many countries around the world, meaning they do not have a market for the service. However, in the UK it has always been legal to gamble. With this, the economy in the sector continued to grow continuously to the huge economy that it supplies now. However, the government needs to implement some kind of control to ensure that they are not only safe but do not grow too big and become uncontrollable. Therefore, the Gambling Commission are in charge of the control of not only the biggest online casinos but also new smaller ones too.
Why is The UK Home To The Biggest Online Casinos?
With reports that the past year, 2020, showed increased numbers in players playing games online. It shows a sharp increase from previous years’ statistics. With the year being turbulent for everyone worldwide, these reposts have surprised financial experts. With more people staying at home and shops being closed, it has resulted in players having more disposable income. Therefore, online casinos in the UK reported that they were receiving more deposits than usual. With the UK being in lockdown for nearly the whole year. This meant that everyone from the biggest online casinos to the smallest benefited.
Over the years, the Gambling Commission have implemented many rules and regulations. Each and every rule they crate is in the safety of player safety and preventing casinos from breaking the rules. However, with the past year being so difficult, you would expect the Gambling Commission to have calmed down with making new rules. The reality is that they have implemented new rules during the year, making it even more difficult for online casinos. The new rules are starting to address the point that the biggest online casinos in the market are out of control. Often breaking rules knowing that they can foot the fine. This kind of behaviour is so far only seen from the more reputable casinos, with smaller ones abiding by the rules as much as possible.
With the government being unsure of the future of all industries, no-one can be sure of what the future holds. However, one thing we can be sure of, there will be more rules and regulations to come in the future.
Are The Big Brands Out of Control?
The first thing we must understand in this is the industry is controlled by the Gambling Act of 2005. As you can expect, this parliament act is over 15 years old now. As a result, at the time it was written mobile gaming was not thought of. Therefore, there is very little information covering this subject within the legislation. No-one could have predicted the boom that mobile gambling would have, especially at the biggest online casinos. Campaigners within the industry have decided that this is now outdated and needs to be refreshed. Calling for a brand new gambling act to curb the biggest online casinos.
The amount of control that these huge online brands have has come under fire. This is because a recent scandal hit the market and many famous names are behind the campaign. Bet365 Casino recently had some FA Cup games being exclusively streamed on the betting giants website. With top figures like Gary Lineker and John Simpson stating this kind of practice is ‘all kinds of wrong’. With football being enjoyed by families and young children, this kind of scandals directly exposes them to the dangers online gambling has. It is instances like this that the new gambling act would prevent happening. With campaigners explaining that these kinds of practices are what give the biggest online casinos so much power. This power is over other industries as well as their own.
With the last review into the act starting in 2001 and ending in 2005. The path that casinos would take in the industry could not be foreseen. With campaigners calling for it to be ‘fit for the digital age’.
The Government Agrees
Many key members across all parties within the government has agreed to the review of the act. Names like Tom Watson, Iain Duncan Smith, Richard Graham and Ronnie Cowan have all agreed for the government to conduct a review. However, there are a number of obstacles that stand in the way. The current Gambling Act of 2005 reads like an old Victorian novel, having chapters and categories and sub-articles. It is a heavy read. Therefore, the new one should be more agile allowing adaptions to change very quickly. It should also take into account new technologies like data analytics and new, often predatory, marketing.
Another problem this new review must face is time. With the old report starting in 2001, being made law in 2005 and being fully implemented in 2007. The process of having a Gambling act took the best part of a decade. Therefore, it is evident that this process does not happen overnight. The problem is if the changes are made that are needed today. Will they be outdated and need changing again by the time they are implemented? A new act will need to be very adaptable to the fast pace that the changes happen in the industry. For example, the use of crypto-currencies. Numerous online sites allow gambling enthusiasts to use DeFi tokens such as Crypto Snack in various casinos and invest in a hassle-free way. This is something that is becoming more popular, however, has no mention in the current Gambling act.
The last problem they could come across is that of scale. Do they take to approach of doing this review in one big act or through more smaller interventions. This is something that will be heavily discussed at the meetings regarding this huge task.