UK Gambling Industry – New Regulations And Trends For 2021
UK Gambling Industry New trends For 2021
Thanks to the dedication of UK gamblers, has made the online UK gambling industry one of the most sought-out markets in the world. Though we may think of the Chinese as probably being the world’s most hardcore gamblers, those from the UK are certainly up there with the big spenders and could give them a run for their money. One of the reasons why casino games are so popular in the UK is that virtually all UK online casinos provide them with unlimited opportunities to gamble and win rewards. Today we thought we’d take a look at the new trends coming into fashion within the UK gambling industry space. We will also take a look at market regulations and see what the future holds for UK gamblers.
What Does UK Gambling Industry Look Like in 2021?
The huge uptake in online gambling really came about over the last two decades. And mainly thanks to improvements in internet technology. This has allowed mobile gambling to become the most used method by which players visit online casinos to win the jackpot. Looking at the numbers, we can see that since 2015, players started visiting online casinos and registering by the thousands. Thanks to software providers such as Microgaming and NetEnt, the quality of games has improved hugely, including better graphics and faster streaming speeds thanks to the latest HTML5 technology. Of course, being optimised for all portable devices, including phones and tablets, was a huge game-changer. Today you’ll find that all reputable UK gambling industry casinos, like Bet365 Casino, will make use of 128-bit SSL encryption technology. This is to keep customers personal and banking details safe.
The UK Gambling Commission
Another important factor for the popularity of online casinos for UK players is the fact that all UK facing sites are regulated by strict laws. Many countries around the world do not have specific authorities to oversee online casino activity. But the UK Gambling Act of 2005 regulates the whole UK gambling industry. The UK Gambling Commission looks after licensing and regulation for all online casinos. In fact, the UK Gambling Commission is probably one of the most reputable regulatory bodies for gambling in the world. The bottom line is any UK facing casino operator will need to obtain a licence and then give 15% tax on gross profits. A review of the original 2005 Gambling Act took place in 2021. It brought everything up-to-date for the digital age.
We should point out that a major component of the UK gambling industry is sports betting. As you’re aware, there are many online sportsbooks that allow their customers to place wagers on cricket, basketball, football and pretty much every sport that comes to mind. Of course, betting on horse racing still remains very popular throughout the country.
Future of Regulation Of The UK Gambling Industry
If we drill down into those statistics relevant to UK gamblers we can see that there are around 24 million male and female adults who like to gamble. Around 10.5 million of them choose to gamble online. Obviously, with such popularity for online gambling, it’s no surprise that the UK Gambling Commission takes extra interest in ensuring the security of players using online casinos. With that in mind, the major changes that took place in 2021 regulating online slots and jackpot slots games included…
- Slot spin speeds need to be faster than 2.5 seconds
- Banning sounds or images that gives the illusion of a win when the return is equal to or less than a stake
- Disabling Autoplay because players can lose track of time
- Forbidding features that provide faster gameplay
New Gambling Rules For Problem Gamblers
Casino operators must also show the players what their total wins and losses are. As well as how long they have been playing. There was also a permanent ban on reverse withdrawals for all gambling activities. Probably the most important step was the total ban on credit cards as a form of facilitating payment. Oth for deposits and withdrawals. UK Finance estimates that around 800,000 UK residents were using their credit cards when visiting online casinos. It’s yet to be seen whether this major ban will have a negative impact on the whole online UK gambling industry. With so many UK residents using them as a means for depositing and withdrawing funds at online casinos, it’ll be interesting to see what other methods they revert to.
An Increased Use Of Cryptocurrencies
Maybe one of these new methods will be utilising cryptocurrencies. Over the last couple of years, there has been a huge rise in the number of crypto casinos in the marketplace. Right now, the use of cryptocurrencies is perfectly legal. But we should point out, as with many other governments around the world, that the UK is looking to create its own digital currency. This would be a joint venture between the Bank of England and the Treasury. Once again, it’ll be interesting to see how any eventual cryptocurrency coming from the government will affect the general use of existing cryptocurrencies.
Legitimation of the UK Gambling Industry
As the public becomes more aware of problem gambling, then the UK Gambling Commission is under constant pressure from politicians to better regulate the UK gambling industry. It’s important to take an overview and see that all new regulations are designed to protect players. And in that respect, unlicensed websites will be blocked. Here at Jackpotfinder.com, we strongly recommend that you only play online at a casino with a reputable licence. Also when you scroll down the splash page, you should see an additional method for regulating gambling. This is a link to GAMSTOP.
Self Exclusion Policies
In order to help problem gamblers, GAMSTOP is a self-exclusion service. You’ll find that, as part of their licensing requirements, all online casino operators in the UK must provide a link for self-exclusion. They also must take reasonable steps in order to help individuals who have issues with gambling. For example, to prevent them from entering the websites in order to gamble. Keep in mind that these self-exclusion policies are only available if the site question chooses to join the GAMSTOP scheme. In other words, GAMSTOP can have little influence on players who choose sites that they have no association with outside of the UK gambling industry.
The UK Gambling Industry Continues to Grow
The latest figures show that people gambling from home have dramatically increased. At the end of 2020, there was a 13% increase in the number of slots played. That brought in a turnover of almost £200 million. Also, the number of gambling bets placed across all gambling activities increased by 12%. Taking the figure to almost £6 billion pounds. It was also noted that the number of active accounts has increased by 6%. It now reaches a total of 3 million players. What these UK gambling industry figures really show is that people are more comfortable now playing online. They prefer betting via the phone and visiting online casinos to play the latest jackpot games. As opposed to going out to visit a real land-based casino or high street betting shop.
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Conclusion: The UK Gambling Industry
As you can see from the numbers, the UK gambling industry is probably one of the most economically viable markets in the whole world. UK gamblers are totally comfortable with new technology and perfectly happy to place bets in casinos online. In truth, we expect an initial drop thanks to the ban on credit card use. Yet we don’t expect this to negatively affect online casinos going into the future. That’s because players will always find a way to gamble online. Keep in mind the UK government is also considering creating its own digital currency. It will be interesting to see how this can be put to use for gambling and online casinos.
Today many players are now familiar with using cryptocurrencies at casinos. To that end, we are seeing a rise in this method of funding accounts. But at the end of the day, many players might like to moan about all the regulations and strict policies around gambling in the UK. But the reality is that it’s thanks to the UK Gambling Commission that UK players can feel safe and secure whenever they gamble in the hope to win the jackpot online.
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