UK iGambling Sites Weigh Their Options Ahead Of Legislation

UK iGambling Sites Weigh Their Options Ahead Of LegislationThe UK’s new ‘Gambling, License and Advertising Bill’ will take effect on October 1st, with the piece of legislation designed to overhaul an online gambling market over run by sites operating from offshore locations such as Gibraltar, Malta or Antigua. Over the years, the situation has led to the UK government missing out on millions of pounds in potential revenues, but within the next few weeks the very same companies will need to obtain a UK gambling license and pay a 15% tax on their profits if they are to continue operating in Britain.
Naturally, a number of operators have responded negatively to the new legislation, such as Mansion Poker and 12bet, which have already signaled their exit from the UK iGaming market, with other companies including Winamax and TurboPoker currently weighing up their options going forward. As well as concerns on how the new bill will affect their bottom line, there are also are number of hurdles these operators will need to clear before even being granted a UK license. For instance, any business applying for a license must not generate more than 3% of its iGaming revenues from unregulated ‘grey markets.’
Meanwhile, popular gambling sites such as PokerStars, Full Tilt, partypoker, 888Poker, Paddy Power, William Hill, Ladbrokes, and Bet365 are expected to apply for licenses in order to remain part of a lucrative UK internet gambling industry worth around £2.5 billion ($4.26bn) last year.
However, these companies will have to address their increased costs by altering their fee structures accordingly. PokerStars, for instance, moves over to its new domain on October 1st, and said it would subsequently reduce its VIP Club reward program compared to its dot-com offering. PokerStars, however, was keen to highlight the experience of its customers will remain unchanged, with a PokerStars statement, stating:
“The PokerStars U. K. site will continue to share all games and player pools with the site. Due to the new regulations, the auto-rebuy feature will not be available on the U. K. site for either cash games or tournaments. All other software features and game experience will remain the same.”
In spite of its new licensing and tax regime, the UK iGaming market will still be one of the most competitive in the whole of Europe, with tax rates significantly lower than other regulated markets such as France, Spain, Italy and Denmark.

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