Even those who live inside the UK will perhaps be surprised to hear about just how popular gambling now is in this country, with the fact that online casinos and betting sites are still illegal in other regions across the globe holding them back from competing. As a result, the UK is now viewed by many as the centre of the online gambling industry, something that could not have been predicted even a decade ago.
A number of leading organisations within the industry now base themselves in the UK, while the government also brings in a massive amount of tax revenue thanks to an increase in activity in this area. Other countries are now looking to follow suit by introducing less strict gambling laws, similar to what the UK has done over recent years. Betting shops / betting sites and casinos are prevalent both online and on the high street today, while a huge amount of major events are now sponsored by gambling companies.
Whether you are interested in playing your favourite slot game with an online casino or looking to back your football team to win the cup, there is now almost endless opportunity for punters to gamble. However, just how did we get to this stage and is the UK’s gambling scene to be viewed as a success or failure?
Gambling Regulations in the UK
The UK Government took the somewhat radicle step to deregulate the market, making it easier for gambling companies to operate. Gambling licenses became easier to gain access to, whilst there were also fewer barriers to entry. The UK seemingly issued licenses to as many gambling companies as possible, even those who operated offshore with no access to the money in which they made. Doing so created a hugely competitive marketplace, making it hard to avoid gambling today. Whilst in other countries advertising gambling sites is forbidden, the UK is far more open to the idea. However, brick-and-mortar casinos and bookmakers can still only offer a stipulated number of fixed-odds terminals.
Tax Changes in the UK
Perhaps the biggest change came when the tax paid by players on their gambling winnings was scrapped, meaning that you are now in a position to take home 100% of your earnings, which was not previously the case. As a result, a greater number of people have been attracted to gambling, whilst some even do so professionally. Such factors have certainly helped to add to the popularity of gambling in the UK, while the banning of tabacco advertising has also meant that events and companies have had to look further afield when it comes to finding new sponsorship deals. The gambling industry has certainly stepped up to the plate in this regard.