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Online Casino Regs Under Review

Most in the online casino gambling industry agree that it’s about time that the UK government reexamine the existing regulations and the way that licensing and taxes affect internet gambling companies. Under the current regulations the UK places incredibly high taxes on UK licensed online casinos, and yet gives those UK licensed sites no tangible benefit over the foreign listed sites. Internet gambling companies have begun to really protest this injustice by simply leaving the UK when it comes to licensing. The max exodus from the UK licensing jurisdiction has already begun and the UK Department for Culture, Media, and Sport has announced that a new proposal is in the works right now aimed at enhancing the current gambling regulations and adding in a “secondary licensing” of sorts.

The new regulation would be specifically aimed at redesigning the current system so that foreign licensed online casinos are sharing the financial burden of paying for the UK regulatory system. At present, the regulations in place are designed to shoulder that full burden on the internet gambling companies licensed out of the UK; in the future the UK hopes that new legislation would create a system that could sure fair contributions for foreign online casino sites and gambling companies.

Another huge concern in the UK right now is the possibility of corruption and match-fixing in the sports betting industry. Any set of new regulations in the UK will certainly contain legislation designed to institute new safeguards in the betting industry. All of these new talks though look at altering the legislation, and one of the root problems for online casino gambling companies that have already moved offshore is the high gambling tax placed on UK licensed gambling sites; it has been incredibly more lucrative for these gambling sites to license out of Gibraltar or the Isle of Man and still enjoy full access to the UK gambling and advertising market.