Gambling is a big part of the British economy. It is one of the favorite pastime activities of the British people. The UK gambling industry is diverse. To point out, it suggests diverse forms of gambling to the public including casino games, sports betting, bingo, and gaming machines. In fact, gambling in the UK is available both on the high street and with online operators.
In British culture, gambling has deep roots. There are different variations of gambling in the country. Lotteries, bingo, and sports betting were popular throughout the 20th century. Now in the era of the internet, online gambling counts for 35 percent of all gambling activities. There is a range of online gambling sites in the United Kingdom.
Advantages of Gambling in the UK
There are many advantages to British gamblers in the UK. For starters, there’s no tax on gambling wins. Moreover, one area of the gambling laws in the UK focuses on protections for “children and vulnerable adults”.
There is a minimum legal age for gambling. That is to say, the gaming establishments, including online casinos and sports-books like bet365 , have to confirm that customers are over 18 by requesting ID․
National Lottery, lotteries and football pools are the exceptions to these. It is allowed to take part in these from the age of 16.
There is also an obligation to offer self-exclusion options for adults with gambling addiction.
History of UK Gambling Laws
Today’s gambling laws in the UK control illegal gambling and regulate the industry. Also, they help to make it safer for gamblers to make bets.
The Gambling Commission under the Gambling Act 2005 regulates gambling in the UK. Before this, there were only a few pieces of regulations for this big industry. The Gambling Act 2005 updated gambling laws in the country. Gambling Act 2005 put three primary objectives for the licensing system:
- Prevent gambling from being a source of crime or disorder, which associates with crime, disorder, or as an accessory to crime.
- Ensure that gambling is conducted in a fair fashion.
- Protect children and other vulnerable persons from harm or exploitation by gambling.
By the statistics of the Gambling Commission people spent about £14.5bn on gambling in the UK between October 2017 and September 2018.
In addition to that, from 2017 to 2018 Gross Gambling Yield of the UK’s gambling industry reached £14.5bn. Gambling companies should pay the government a minimum of 15 percent tax on any amount up to £2,370,500. The tax increases accordingly to 20%, 30%, 40%, and 50%. So, this is why the gambling industry is one of the largest and most profitable ones in the country. Moreover, the gambling industry is a workplace for over 100,000 workers in the United Kingdom.
The UK gambling sector consists of different areas. The main ones are online gambling, land-based casinos, and lotteries, betting shops, bingo halls. But, the lion’s share of the profits: 39 percent brought by online gambling. They include online betting, online lotteries, and online bingo sites in the UK.