The British sports betting scene is one of the biggest, most successful, and tightly regulated spaces in the global industry. With the UK Gambling Commission overseeing the online sports betting scene, players can trust that all offerings that are licensed in the country meet the governing body’s strict regulations.
In its current state, the online British sports betting scene is filled with UK-based, offshore, and international brands that have been licensed by the UK Gambling Commission. The sheer intensity of the competition continues to evolve the scene and making it even better for bettors.
However, now that the UK has officially announced that Brexit is underway, new Brexit guidelines are being scribed to inform those with a stake in the online British sports betting scene of what’s to come. While nothing will happen until the end of the transition period, 31 December 2020, brands are preparing for the potential outcomes of Brexit.
The Brexit guide is yet to be fully determined
Great Britain and the European Union are in the midst of their all-important Brexit trade negotiations. The bottom line is that UK wants its goods and services to have as much access as it possibly can to the EU market, but the prime minister has unequivocally ruled out the country adhering to the EU’s Brexit guidelines of upholding its level-playing-field guarantees.
The UK leader has, however, said that an independent system would not undermine the standards set by the EU. If a trade deal cannot be agreed by 31 December 2020, the UK may introduce and will be subject to tariffs on imported and exported goods and services.
Brexit Guide: How negotiations could impact UK sports betting
The biggest impact of Brexit on the online sports betting scene will be if platforms see the EU as the more viable market in the instance that a trade deal cannot be agreed.
UK-based, UK territory-based, and international online bookies in the market may opt to move to a more favourable EU-facing jurisdiction in light of potential tariffs to keep access to a potentially larger sports betting market.
The Brexit guide will inform brands that the UK has the strongest sports betting market in the world, with the best sports betting sites from around the world flooding the market due to it being very well governed by the UK Gambling Commission and boasting a savvy sports betting audience.
Regardless of Brexit guidelines, the vast majority of these major brands are expected to stay. However, the prospect of staying in the EU market sans-tariffs may be more appealing to brands struggling in the UK if a no-trade Brexit occurs.
The UK Gambling Commission has already seen one of its licensees pull out due to potential Brexit guidelines. LeoVegas decided to withdraw Royal Panda despite the platform’s stern commitment to the local sports betting audience, as shown by its sponsorship of QPR.
There’s some uncertainty concerning Brexit and online sports betting, and while the overall offering may not change too much for punters, platforms may have some big decisions to make depending on the final Brexit trade deal.
