Offshore Bookmakers to be Regulated by UK Government
Posted: December 23, 2009
Updated: October 4, 2017
One of the main things that gambling and business have in common is that both of the operations are centered around one
One of the main things that gambling and business have in common is that both of the operations are centered around one principal: making a quick buck. What’s true on the felt and the fields proves to also be true to the companies that finance it.
British gambling laws are quite liberal compared to those found in other EU states and around the world, and gambling has been a popular pastime for decades. This is great because punters get to do what they want and have the chance at striking rich, while the government and the people it governs can benefit from the revenues that the activity brings in.
Much of the revenue raised through gambling in the UK is done through sportsbetting. The focus usually rests on sports like football or horseracing. Britons have ample opportunities to bet on sports in more traditional land-based operations as well as through online sportsbooks in the UK. In order to cut back on corruption, game rigging and some of the profits lost, the British government is currently in the process of developing new plans to regulate offshore bookmakers.
The government’s main intention with this initiative is to stop match-fixing in its tracks and get fairer deals for UK operators. The most attractive regulatory action that has been proposed thus far is the policy of dual-licensing. In order to continue supplying opportunities for internet gambling in the United Kingdom, offshore companies would be required to purchase a local gambling license. They would also be required to have a co.uk website address, or a head office based in the UK and to pay a licensing fee to the British Gambling Commission.
Most online sportsbook companies could easily afford even a six figure licensing fee with ease. In the event that some companies refuse to go along with regulation, advertising will stop in Britain and some sports such as horseracing could be damaged due to lack of funding. The proposals are still in their early form and will need lots of revision and communication before they are put into action. The last thing the UK needs to do is shoot itself in the foot.
British gambling laws are quite liberal compared to those found in other EU states and around the world, and gambling has been a popular pastime for decades. This is great because punters get to do what they want and have the chance at striking rich, while the government and the people it governs can benefit from the revenues that the activity brings in.
Much of the revenue raised through gambling in the UK is done through sportsbetting. The focus usually rests on sports like football or horseracing. Britons have ample opportunities to bet on sports in more traditional land-based operations as well as through online sportsbooks in the UK. In order to cut back on corruption, game rigging and some of the profits lost, the British government is currently in the process of developing new plans to regulate offshore bookmakers.
The government’s main intention with this initiative is to stop match-fixing in its tracks and get fairer deals for UK operators. The most attractive regulatory action that has been proposed thus far is the policy of dual-licensing. In order to continue supplying opportunities for internet gambling in the United Kingdom, offshore companies would be required to purchase a local gambling license. They would also be required to have a co.uk website address, or a head office based in the UK and to pay a licensing fee to the British Gambling Commission.
Most online sportsbook companies could easily afford even a six figure licensing fee with ease. In the event that some companies refuse to go along with regulation, advertising will stop in Britain and some sports such as horseracing could be damaged due to lack of funding. The proposals are still in their early form and will need lots of revision and communication before they are put into action. The last thing the UK needs to do is shoot itself in the foot.
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