How The UK Became The Gambling Industry Nexus
In many jurisdictions across the globe, betting sites and web-based casinos are still prohibited. However, those who live in the US and other countries where gambling is illegal might be surprised at how popular this vice has become in the UK.
As a result, the UK has become the centre of online gambling. Today, hundreds of operators are pushing lots of promo codes to entice punters, something that no one could have predicted over a decade ago.
Currently, several leading online gambling operators in the industry have their base in the UK. That has brought the government a massive amount of revenue in tax, thanks to the gradual increase in gambling activities in the country. That has inspired other countries to start looking for ways to embrace the industry by introducing less stringent laws as the UK has done in recent years.
With the advancements in the UK gambling industry, betting websites and casinos are highly accessible online and on the streets. The operators also sponsor major sports events and other worthy causes, while giving the punters endless opportunities to gamble in both sports and casino games such as slots. But how did the UK gambling scene get to this stage?
Gambling Deregulation in the UK
To make the UK a fertile ground for betting operators, the UK government took a radical stance to deregulate the gambling market. That made gambling licenses easily available to the operators and also reduced the entry barriers that are still available in most jurisdictions. The government wanted to offer licenses to many gambling companies instead of having them operate offshore where they couldn't access the money made.
The move to deregulate created a competitive market, with many operators offering different bonuses and promotions to entice more customers. That meant that punters could make the most out of different offers and also made gambling in the UK irresistible. However, that has come with several problems, especially for those with gambling addiction issues.
The government has also put in some limits as well. For instance, land-based bookies can only offer a specific amount of fixed-odds terminals. More limits are also being put in place to curb problem gambling issues as these machines are known for their damaging and pervasive aspects.
Tax Changes
The UK also made another major change by scrapping off the tax paid by individual gamblers on their winnings. That's opposed to the past, where betting winners would be slapped with a huge tax bill on anything they won. Today, only the gambling companies are paying the tax, and you can keep everything you win, no matter how huge. The change made it more appealing for betting enthusiasts to start gambling and even treat the activity as a source of income.
Bottom Line
These two factors kick-started the boom in the UK gambling market, contributing to its continued growth to date. The government also banned tobacco and smoking adverts, creating the need for sports teams and events to look for new sponsors. As a result, the gambling industry offered a great solution, creating ties with football, rugby and other sports. However, it's not yet clear whether that's a good or bad thing.