The high yields in income can only be an indicator of an industry that is thriving due to the increased availability and quality of online gaming and gambling. As a result, the UK government has a solid reason to modify the gambling laws in a bid to solve a crisis in excessive gambling and high gambling rates.
After constant criticism and extended reviews, the Digital, Culture, Media, and Sports (DCMS) department in the UK decided to lower the maximum stake in online gambling from £100 to £2.
The law changes do not come as good news to gamblers who wish to reap maximum gains from high stakes. The fixed-odds betting terminals (FOBTs) complied to put the law into motion and very soon bettors will be limited to stake a maximum of £2.
On the other hand, gambling operators will now be forced to comply with a tax increase from the standard 15% point of consumption to 21%.
As the Association of British Bookmakers (ABB), had predicted a fall in the performance of gambling operators due to the maximum stake restrictions, the UK government has decided to increase the taxes to compensate for any drop in taxation revenue. Amongst other worries is massive retention of workers and bankruptcy of online gambling sites.
Following the law changes, UK gambling operators are now eyeing for expansion in prospective markets such as the United States. The majority of operators describe the upcoming legislation as a massive blow to the performance of their online casinos.
Furthermore, uplifting of the federal ban on sports betting by the US Supreme Court makes the country more lucrative for online gambling. Several companies have already announced their significant steps to expand to the United States, whether or not this is a successful move is unknown.