This has been a hot topic of discussion since the UK voted to leave the European Union in 2016. Since then, there have been many questions about what this means for the UK’s gambling laws and regulations. The European Gaming Regulatory Framework (EGRF) is an essential set of rules that governs gambling activities across Europe. Brexit will likely have a significant impact on these laws.
The expected changes in UK gambling gaw post-Brexit
It was unclear how the UK could keep up with EU legislation and gaming regulations after Brexit. Now that Brexit has happened, UK gambling laws need to change drastically to remain competitive in a global market. This includes changes to betting and gaming regulations. Here are some of the expected changes to UK gambling laws post-Brexit.
A gambling law post-Brexit primer
The UK’s former gambling law post-Brexit will be simplified. However, there will be some changes. The fact is that the UK is no longer a member of the European Union. As such, they aren’t party to EU laws. This means that the UK can now adopt its own gambling laws and regulations.
These new laws may reflect a more liberal interpretation of gambling law. This potentially opens up possibilities for greater flexibility in how operators conduct their business.
One such example could include how local authorities would regulate online gaming. There could also be changes on the taxation side of things.
Previously, the UK operated under a single EU gambling tax rate. Now, UK operators could be subject to a range from 0% to 45%, with higher rates for those who take more active steps in the UK.
How operators can adapt to a new regulatory environment after brexit
In the wake of Brexit, operators worldwide must adapt to a new regulatory environment. There are many changes and restrictions. As a result, knowing what steps to take to stay up-to-date can be daunting. However, operators can successfully navigate this new landscape with minimal disruption. They can only achieve this with the right:
Operators can remain compliant while continuing to provide exceptional services. This could be by:
Implications and challenges of brexit and the future of UK gambling laws
Brexit has created significant uncertainty for the UK gambling industry. This is because the country’s current gambling laws used European Union regulations and directives as basis. The UK is now facing the challenge of either:
This process could take significant time, leaving the industry in limbo until new laws can be established.
How to overcome these challenges
To overcome these challenges, the following are several ways that the UK gambling industry can attempt to pivot and adjust:
The UK gambling industry in summary
The gambling industry of the UK is significantly large. It had a gross revenue of £9.6 billion in 2017 alone. These companies:
The industry has been growing steadily since 1992, with an estimated increase of 3% every year. This is due to the:
The industry has seen a reduction in casinos from 1,200 to 572 in ten years. However, this was due to a change in government strategy. There is still a significant amount of cash being gambled on slot machines at land-based casinos despite declining numbers.
The industry continues attracting many tourists and revenue. You can find the best guides to non-Gamstop UK Casinos Online on bestuk.