The UK has legalized online gambling since 2005 and sports betting is one of the favorite ways to gamble of the people in this country. In fact, the UK is still one of the biggest sports betting markets worldwide. It has been the case for many years now.
The oldest sportsbook in the UK is known to have started in the 19th century. This makes the UK one of the first countries where sports betting exchanges have happened. Now you can find betting sites and request odds on any bets from a number of providers such as offered by 777Casino.co.uk who curates some of the hottest odds and bonuses available on the market.
There are now over 500 online bookmakers that accept real money bets in the UK and many of them are based offshore. Foreign bookmakers are charged 15 percent tax by the British parliament and this is under the Point-of-Consumption Tax law.
The most popularly wagered on sports in the UK are football and tennis. Other sports that the locals also wager on are cricket, horse racing, and many sports events in the United States.
Now, since the UK is one of the countries that gamble the most, its government is doing a lot of effort to make sure that the locals are safe from the many risks that gambling carries. The UK Gambling Commission or the UKGC is what regulates both land and online sports betting activities.
Last year, gambling activities in the UK has become strictly regulated. Right now, betting firms and operators are required to do a background check on the people who have signed up with them. The check should be done within 72 hours and it’s necessary to make sure that no underage people or minors will be able to place bets online.
Because of the new regulations imposed last year, a few UK betting firms committed five pledges for safer gambling in the country. These companies or firms wanted to do this in an effort to lessen the regulations and restrictions that the central government may impose on them.
The five pledges that Bet365, William Hill, Ladbrokes, and a few more betting firms include the following:
• Prevent underage gambling and minors to gain access to betting services
• Increase efforts that support treatments of gambling problems
• Strengthen and expand the codes of practice that they have when it comes to advertising and marketing betting activities.
• To protect and empower their players or customers
• To promote a culture of safer gambling
The chief executives of these companies said that they will have the most comprehensive set of measures to support the UK Gambling Commission’s efforts to promote a safer gambling environment for the people of the UK.
These pledges will be monitored and facilitated by the Senet Group. This is a body that is funded by the UK’s gambling industry to raise the standards in the sector. The betting firms believe that these pledges or commitments are part of an important step that they are willing to take to show everyone that they have a genuine desire to ensure that acting responsibly is at the heart of their businesses.
Now, another regulation in the UK that affected the industry a lot is the 2-pound limit on fixed betting terminals. However, this doesn’t affect online sports betting. Right now, the most convenient and common payment methods are available in the UK.
The use of debit or credit cards like Visa and Mastercard is still widely used in the country. Digital wallets like PayPal, Skrill, and Neteller remain popularly used as well. Even cryptocurrencies like Bitcoin, Litecoin, Ethereum, and many other altcoins are also becoming more used for deposits and withdrawals online.
Rules regarding marketing and advertising gambling activities in the UK are also quite strict. Gambling ads are not allowed on websites and games that are accessible by children or minors. Gambling ads should also not contain imageries that may appeal to children.
The issue regarding gambling ads in the UK mainly started when people started to complain about gambling ads on day-time TV or during hours when many children or minors are watching TV. Back then, online gambling ads are also widely shown on random sites.
These are the reasons why the UK Gambling Commission decided on implementing stricter rules and regulations when it comes to advertising gambling or betting activities in the US. So far, there have been a few companies that were called out because of breaking the rules imposed.
Even if the UK has implemented stricter gambling rules, they remain to be part of the top gambling markets worldwide. This may remain the same in the next few years.
