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UK Takes Aim at Problem Gambling With Regulation Updates

At the time of the last revision of the regulations on gambling-related activities, by the British authorities, was not yet an iPhone, which in a certain sense became a symbol of a new technological era that introduced new attributes, opportunities, and realities into space of human life.

UK Takes Aim at Problem Gambling With Regulation Updates

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The Gambling Law in its current version was approved in the UK in 2005. Since then, technological progress has moved forward, overcoming those horizons that previously seemed unlikely. Due to these profound changes, there is a need to revise the regulatory framework. The relevant information is contained in an official document of the UK government, which was published last Thursday, April 27.

The document contains proposals for solving gambling problems. In particular, the initiative to limit the amount of money that players can spend is outlined. The document also contains proposals on the application of measures of influence against operators operating without a license, and a collecting money from gambling companies for the treatment of people suffering from gambling addiction.

Currently, 300 thousand citizens in the UK have problems with gambling, which have a destructive impact on their quality of life. Also, 1.8 million Britons are at risk due to a tendency to excessive interest in such games.

Lucy Fraser, Secretary of State for Culture, Media, and Sport, said the government has no intention of deterring sustainable gambling operators whose activities are carried out in a state-regulated area. She also noted that the position of operators, which provides for the priority of commercial goals in comparison with the well-being of customers, is unacceptable.

The British authorities are on the path to combat the devastating consequences of gambling at a time when online bookmakers are gaining momentum on the Internet. These bookmakers have been legalized. This solution already has some results. For example, in the USA, 20% of fans bet on the Super Bowl this year.

The total amount of bets made by Americans with the help of retail bookmakers, online betting shops, or lottery express cards will grow by 45% this year and amount to $ 136.63 billion.

As we have reported earlier, ECB Executive Urges to Assimilate Crypto with Gambling.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.