UK Gambling Act To Shake Up Global iGambling Market

UK Gambling Act To Positively Affect Global iGambling MarketOn October 1st the UK’s Gambling Act is expected to come into force, complete with its ‘point of consumption’ regulatory framework requiring all online gambling companies wishing to offer their websites in the UK to first obtain a remote gambling licence from the country’s Gambling Commission.
In the past, major gambling operators have obtained licences from such regulatory jurisdiction as the Isle of Man, Alderney, Gibraltar or Malta, but now the UK Gambling Commission is set to become an important global iGaming regulator. The move is also likely shake up many offshore regulatory jurisdiction, as many major UK gambling operators, such as William Hill, Ladbrokes, Victor Chandler, Bwin.Party, and BetFair, are based in locations such as Gibraltar.
However, in order to qualify for a remote gambling licence the online gambling operator must ensure not more than 3% of its revenues are derived from grey markets, whilst also providing legal rationale for their presence in such markets in the first place. As Richard Richardson explains in his article on onlinepokerreport:
“It could be difficult to find a legal rationale for some popular markets (Australia, Russia and South Africa come to mind). There may be some legal wiggle room for other significant markets that lack a clear regulatory scheme for online gambling (think Canada, Germany and even Sweden, Finland or others in the EU).”
This could potentially represent a game changer for the global iGaming market, as many major gambling firms will now have to exit grey markets if they are to granted access to the UK. Their decision to do so will likely be a straightforward one, too, as the UK accounts for 8% of the online gambling market, last year having generated £2.5 billion ($4.26bn) in revenues, including £329 million ($559m) from internet poker.
Furthermore, The Gambling Act could act as a potential model for other European online gambling markets. Unlike other large European iGaming countries such as France, Spain, Italy, and Belgium, for example, the UK has not insisted on ring fenced poker player pools and so has managed to maintain a lucrative, vibrant industry which it then successfully manages to tax. Needless to say adopting a similar approach could help boost the flagging online poker industries of all of these other markets.

Other news:   Multi-state online poker compact bill introduced in Pennsylvania

Poker News
Mississippi Casinos Post Record Revenue in April as Sports Betting Beckons
04 Jun 2018
Mississippi’s casinos generated gross gaming revenue of $184 million in April, or 5% more compared to the same month in 2017. Furthermore, that total represents an all-time high for the state, and is 1.3% more than the previous record set in 2007 when thousands of volunteers entered Mississippi to assist in cleanup efforts post-Hurricane Katrina.
Switzerland Prepares For June 10th Legalized iGambling Referendum
04 Jun 2018
On June 10th, Switzerland will hold a national referendum to decide whether the ‘Money Gaming Act’ passed by the Swiss Parliament in September 2017 can be implemented next year in its present form. The piece of legislation paves the way for land-based casinos and local partners to offer legalized online gambling in Switzerland, although a
MGM Resorts International Buys NY's Empire City Casino for $850 Million
02 Jun 2018
Real estate and entertainment conglomerate MGM Resorts International has revealed that it’s embarking on a purchase of Empire City Casino, a slots and pari-mutuel wagering venue located in Yonkers, N.Y., just a few miles north of Manhattan. The deal was announced May 29 in a press release, and is expected to be completed near the
Delaware to Launch Full-Scale Sports Betting on June 5th
02 Jun 2018
Last month’s decision by the US Supreme Court to overturn the sports betting ban in the country has opened the floodgates for individual states to legalize and regulate sports wagering within their borders. Before its decision was even made, though, a number of states had already put in place the necessary legislation in order to