There are many that have the idea that the UK is the birthplace of online betting. Take Microgaming as a prime example. As one of the top software providers today Microgaming launched the first online casino and is still based in the Isle of Man, one of the crown dependencies.
In fact, the Isle of Man is home to more of the biggest gambling and betting operators in the world with companies like 888, Ladbrokes and William Hill all having their bases on the tax haven.
No wonder then that the gambling industry is holding its breath as no matter what the outcome of Brexit is, there is no getting away from the fact that it will change the business landscape.
It’s looming, and seeing that betting and gambling online at slots sites and deposit by mobile casino sites bring in a massive amount of money being one of the UK’s biggest industries, there is obviously going to be a great deal of speculation and rumours around what could happen to the UK’s gaming industry if it leaves the European Union.
Regulations are strict within the UK and the country has the most heavily regulated gambling market in Europe, so the UK is very unlikely to run into any regulation problems if it leaves the EU as the laws and procedures that apply now will most likely continue to apply post Brexit.
As well as being heavily regulated the gambling act (2014) required all off-shore operators to have a licence from the Gambling Commission which means that any which are based abroad that still want to operate in the UK should have no issues doing so.
Where the problems of Brexit and the gambling industry occur surrounds gaming tax as if the UK does leave the European Union with no settled deal, then it is possible that the UK will have to look towards the World Trade Organisation rules and regulations creating a possible barrier for those companies outside of the United Kingdom from being allowed to offer their services there.
This could lead to some companies closing their doors to UK players, something that happened in 2014 when tax increases came into force (from 1% to 15%.)
The EU single market guarantees free movement of goods, services, labour and capital, take that away especially from those bookmakers who are based in jurisdictions of the UK like Gibraltar the idea of a post Brexit is not a happy one.
