UK Slot Machine Limited to £2: What it Means for Online Casinos
UK Online Casinos
New legislation cutting the maximum betting stake on fixed-odds-betting terminals from £100 to £2 is expected to revolutionise the UK gambling industry. In fact, some analysts maintain that the UK government’s new law will lead to the closure of up to a third of all betting shops. But what does the law mean for UK online casino?
With no such restrictions in place in cyberworld, online casinos are expected to gain a lot more customers. You see, currently you can bet hundreds of pounds on a spin in many games online, so high rollers are flocking there as we speak. In addition, regular customers who want more freedom with flutters have started heading online. And since playing slots on our smartphones is a lot more convenient than having to head down to a bookmakers to play, the bookies could have trouble enticing players back.
Online casinos will have to pay more taxes as the British government seeks to recuperate lost levy from the FOBT maximum betting stake cut. A law increasing Remote Gaming Duty (a tax on profits gained from online games such as slots) has already been passed and will come into force in October, 2019. And thanks to this regulation, Remote Gaming Duty will rise from 15% to 21% (6 %). Thus, online casinos will pay a lot more tax.
Stricter Gambling Regulations
But the government does not plan to stop there; in fact, a host of new regulations are being introduced. For instance, in May new identity and age rules to stop children from gambling online came into force. Plus, the UK Gambling Commission (UKGC) is considering banning people from using credit cards in online casinos as they feel people spend too much money gambling online with them. The UKGC wish to help problem gamblers, too, so several new laws aimed at forcing casinos online to do more to promote responsible gambling are in the pipeline.
Improved Customer Service
Of course, online casinos themselves will also have to make changes. Since more and more people are heading online to play slots, competition amongst online casinos is becoming more fierce and, as a result, more effort is required to attract and retain customers. Indeed, customers have never been so spoilt for choice and get showered with all kinds of freebies like free spins, demo games and no deposit bonuses. Nevertheless, because of the new law on betting stakes at FOBT, customer service will have to improve further. Thus, experts predict there’ll be even better rewards for signing up, loyal service and introducing friends in the near future. So, you better get used to casinos rolling red carpets your way!
To sum up, the new law on FOBT betting grant online casinos more customers, but it will also burden them with more taxes and more regulations and force them to up their game when it comes to customer service. Watch this space!
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