Rishi Sunak, the United Kingdom’s new prime minister, could impact the direction of the Online Casino industry as he sets to reform iGaming and gambling legislation in the UK. The UK has been working on rewriting gambling laws for years, but with little progress. With each new PM that takes occupation, from Theresa May to Boris Johnson and Liz Truss, each has put their stamp on the country’s revision of gambling laws. As gambling laws at Online Casinos UK are in dire need of updating, with Rishi Sunak’s rise to power, there’s hope that new legislation will be injected with a fresh libertarian spirit. Our article will delve into what Rishi Sunak means for Online Casinos in the UK. With the resignation of Liz Truss and the rise to power of Rishi Sunak as the UK PM, there’s hope that he will bring about changes at UK Online Casinos that will open up new opportunities.
Could Crypto Casinos exist under the new PM?
Let’s fast forwards to 2022 when the UKGC made its recommendations to the government proposing tighter restrictions, greater player safety measures, and the introduction of a gambling levee. Many at the heart of Johnson’s government didn’t like the proposals, and besides, the horse racing industry warned it would cost them £60m a year, and no one wants to lose money. In the summer of 2022, Johnson was ousted as PM, and Liz Truss was instated as the leader, but she resigned 45 days later. Among the rrecommendations put to the government is that gamblers must provide pay slips, tax returns, and bank statements to be allowed to open a betting account. While industry experts think this is very prohibiting, licensed online casinos already request identification.
Rishi Sunak may well share this view, but the general idea is that he will probably take the more lucrative libertarian stance, as the UKGC proposal is the less restrictive path. Rishi Sunak is known to be a keen Poker player, and back in his Silicon Valley business school days, he would play £20 poker games. He has also shown his support for cryptocurrencies, so it is entirely possible that we may find more Bitcoin Casinos popping up in the UK under his leadership. While Rishi Sunak may not be ready to gamble with the UK economy, we hope he throws a few chips in the direction of online casinos.
Changes to Regulatory Policy might mean lower Minimum Deposits
With Rishi Sunak as Prime Minister, changes in regulatory policies could mean that it is worthwhile for Paypal Casinos to lower their minimum deposits to £5. Lowering the minimum deposit to £5 would also mean that UK players can access plenty of PayPal Casinos UK that offer bonuses, and promotions, making this popular pastime an affordable way to enjoy the ultimate in online entertainment. This would allow UK players to collect a £5 Casino Bonus and enjoy low-risk gambling.
Presently, the government has shelved proposed reforms for the 2005 Gambling Act, and in 2019, the UK Gambling Commission began to research reforms for presentation to the government. In April 2020, swift measures were put in place when the maximum bet allowed in the UK for games machines dropped radically from £100 per bet to £2. There was a concern as many felt that the online gambling industry would suffer as a result, even though the £2 limit does not apply to slot machines, but this didn’t happen. The reduction of betting limits was put in place to help problem gamblers tackle their gambling addictions, an area of extreme importance with regulatory laws of legit online casinos and online sportsbooks that operate with a UK Gambling Commission license.
UK gambling reforms may finally be finalized
Global gambling companies will look at how Sunak deals with the UK’s domestic betting and online casino landscape. Relaxing betting regulations makes sense financially, and letting online gamblers be more liberal with their bets will generate more tax revenue. From a social perspective, however, these changes will likely lead to more gambling addictions. Individuals will have to play responsibly and take the conservative approach, much like what is happening in America. In the USA, tight safeguards are in place, and casinos must pay taxes and charitable levees on revenue. Still, when it comes to freedom of choice, safeguarding is considered secondary to freedom.
Europe is going through changes as well. The Netherlands is reducing its gambling industry, while countries like France, Spain, and Germany are treating it cautiously. Regarding legislative ideology, Italy has the closest ties to the UK, while countries in Scandinavia are perpetually changing their regulations. In Australia, individual states are investigating alleged fraud and money laundering at online casinos across the country, while the Chinese Authorities in Macao are trying to open up the industry to more tourists so as to wean off the over-saturated Chinese junket market.
Gambling reform has long been the talking point globally, and in Britain, under Mr. Sunak’s rule, we may finally get a concrete answer as to when UK gambling reforms may finally be finalized.
Deals with the EU may open the door to more casinos available to the UK
Much of the British population is invested in Online Casinos and Gambling in general, but with Brexit happening, the online gambling industry had its fair share of problems. Gambling is always a hot issue, which is why the EU has always kept an eye on the industry. In 2014 UK passed the Gambling Act, making it compulsory for all online gambling institutions to apply for a license approved by the UK Gambling Commission. However, there is a chance that Brexit will force all online gambling industries to renew their license with the UK Gambling Commission. This means that many casinos that don’t belong to the UK’s companies will need to apply for a new gambling license to operate. These new developments could see more casinos from the EU allowed to operate in the UK.
Online casinos are important to millions of people who enjoy Britain’s leisure economy. Along with their slots, table games, jackpot games, bingo, and sports betting options, UK players can enjoy an unrivalled social experience. The vibrant and exciting casino sector is an attraction for high-value tourism, such as from China. The Federation of Small Businesses has warned that the proposed measures will significantly impact the hospitality and tourism businesses.
A new Prime Minister means exciting times ahead
Rishi Sunak is the UK’s third Prime Minister at 42. His new post will begin tackling the cost-of-living crisis, soaring inflation, industrial unrest, and political instability, so he has his hands full. The Conservative politician will also be reviewing the nation’s iGaming situation, which started being addressed in 2019 by former Prime Minister Theresa May. Many UK gambling companies, especially online casinos and sportsbooks have their head offices in Europe, so players can still enjoy the relaxed EU laws. Shelved four times already, the British government’s final recommendations on changes to the Gambling Act of 2005 may finally be addressed. These exciting changes for the UK online gambling industry and a new PM means exciting times ahead!