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Recent regulations set to boost the UK gambling market

Press release August 14, 2014

The report covers the present scenario and the growth prospects of the Gambling market in the UK for the period 2014-2018.

The UK, to press coalition on their gambling industry, gave their councils the power to ban high-stakes roulette machines from bookmaker’s shops. The UK gambling industry has been accused of focusing these roulette machines in the UK’s poorer districts to reap enormous financial rewards. Furthermore, the UK government has also requested various regulatory bodies to review their existing regulations of gambling-related advertising in light of increased volume and diversification of the sector, and in context of the forthcoming Gambling (Licensing and Advertising) Bill. If the reforms in the sector is currently expected to alter the way remote gambling is licensed and also occur change to the existing tax regimes implemented in the sector.

This report, Gambling Market in the UK 2014-2018, provides a present scenario and the growth prospects. To calculate the market size, the report takes into account revenue generated from the following segments: betting, casino, bingo, lotteries, and arcades.

Proposed reforms subject to legal challenge

The UK government has always earned a generous amount of revenue from betting taxes. In 2012-13 alone, the government earned about USD 2.8 billion from betting and gaming duties. Furthermore, USD 1.3 billion came from lottery and USD 126.2 million from bingo while the revenue generated from machine games is currently nil as taxes on these machine games were not introduced before February 1, 2013. However, the proposed reforms by the regulations market will be subject to legal challenges by the gambling companies, especially those that are operating out of Gibraltar, which is a tax haven as most of the well-known bookmakers are based there and are regulated from there.

Rising popularity of online games

With the increased penetration of broadband services and disposable income of consumers, the gambling market in UK has recorded a rising popularity with online betting. Only white-listed counties need to be compliant with the Gambling Act of the country. Currently, Gibraltar is not whitelisted, making it a potential market for the key players. Furthermore, with online marketing not needing any kind of licensing from the British Gambling Commission, key players like William Hill and Ladbrokes has already decided to base themselves in Gibraltar, where the current tax regulations will offer them significant advantages from others in the market. However, if the regulations for remote gambling operators are introduced, it will set on the basis of where bets and wagers are being placed. Moreover, foreign-based operators would under the plans require a license from the Gambling Commission to take bets and wagers or even market their gambling to British consumers.

Developments to look out for

The UK gambling market would see a continued rise in betting via smartphones and mobile devices, which would mean introduction of improved betting apps and mobile websites that will encourage many new operators to start business. In addition, this year, the market may also see the opening of a third of the new casinos permitted under Gambling Act 2005. Although plans for a "super casino" were abandoned, the regulatory regime still allows local authorities to issue permits for up to eight large, and eight small regional casinos especially when only two of the casinos have opened by Asper.

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SOURCE: Researchonunitedkingdom.com

Subjects


Gambling industry uk, uk gambling industry, uk gambling market