Poker Network Software Providers Could Need UK Licenses

Change to License Laws Could Affect UK Gambling Software Providers

mobile casinos - GamingZion

In what could be a huge change to UK gambling laws, the UK Gambling Commission is proposing that network software providers – companies such as Microgaming, Ongame, and Playtech – should hold UK gambling licenses like operators.

This is big gambling news, and should it pass into law, could threaten poker rooms and online casinos in the UK. The recent change in the law outlined the plans for all online gambling operations to hold licenses, and this pay a 15% point of consumption tax, but this latest update would mean big changes in the system.

With mobile casinos currently taking off in the UK – in a big way – this means all the current mobile software providers will have to become licensed. They will also have to enter into information sharing agreements, due diligence, and procedures in place to deal with money laundering, among others. Not only will they have to partake in these measures within the UK, but for every other country they wish to do business in.

Another law change up for public consideration at the moment is that of player fund protection. The move comes after a number of poker players in the country lost funds as companies became insolvent. The Commission has released a list of 6 different methods to protect these funds, and has asked players to pick which one they would prefer. The commission prefers a policy of segregating player funds from operating capital.

This comes after the recent revelations that British online gamers had the least tolerance when it came to the time it took to withdraw funds. Waiting just 4 minutes on average before looking for an alternative, any new system will have to be fast as well as robust.

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