Gaming operators in the massive UK market could be looking at some serious regulatory changes if a new draft Gambling Bill makes its way into law.
Under the terms of the proposed legislation, any gaming operator serving the UK market would be required to hold a British gaming license. That’s a big change from the current regulations, which only date back to 2005 and require only firms with key equipment in the UK to be licensed.
According to EGR Magazine, the changes are meant to better protect UK consumers, while allowing homegrown operators a more competitive marketplace. Here’s how British Minister of Sport and Tourism, Hugh Robertson, Minister for Sport and Tourism described the current situation:
Currently, consumers based in Great Britain face different consumer protection arrangements, and have to deal with a myriad of different regulators, depending on where the remote gambling they are taking part in is regulated…These reforms will ensure consistency and a level playing field as all overseas operators will be subject to the same regulatory standards and requirements as British-based operators.
Robertson also said that the new regs could increase transparency and help UK regulators uncover cases of fraud in sports betting markets.
The bill is scheduled for further a hearing in the early part of 2013. According to EGR, the bill stands a good chance at becoming law at that time.
What impact would these proposed changes have on your business? Share your thoughts in the comments section below.