The Fixed Odds Betting Terminals Regulation At A Glance
Three key issues that the regulation addressed:
1. Client’s scrutiny
The most important thing to note is that the changes to fixed odds terminals are paired with tweaks to the regulation of online casinos. Online betting platforms will now carefully verify the ages of their clients, among few other provisions in marketing laws and taxes.
2. Punter’s stake
Due to losses and gambling addiction, the government stepped in and lowered the highest amount an individual can stake on a fixed odds terminal from a hundred euros to two euros. As a result, a considerable number of Brits would prefer online casinos to betting machines.
Also, they may be subject to ensuring that every member in their platform undergoes affordability checks to confirm that they can afford any bets they make. However, that point is yet to be elaborated.
3. Tax hike
Taxes will also see a raise through the “Remote Gaming Duty.”
Could this be a step back for the Brits gambling, or is it yet another significant move towards a more popular gambling scene? Well, let’s take a look at how the intervention would change the way people gamble.
The UK has witnessed a considerable drift in revenue from traditional sports betting towards online alternatives. Gambling shops have switched to slots and gambling machines to fill the gap. A rise in the number of fixed odds terminals saw the losses accumulated by punters rise too.
Why Has The Government Stepped In?
Apparently, this move seems to be a strategy to curb the huge government losses (approximately 2 billion euros annually) incurred by the betting machines. Many stories of addiction among UK citizens have also emerged.
However, while this intervention means a lot to the international online market, where UK operators are vital players, many betting firms claimed it would throw them to poverty.
Nonetheless, for most online operators, these changes aren’t revolutionary. They’ll keep expanding in the new environment. It’s clear that online gaming is developing and proper regulations are coming up.
A lot of changes are expected to take shape in the UK’s gambling sector. The impact might be a force to reckon with, but it will also be interesting to see the new world of online gambling in the future.