The UK gambling industry has never been more exciting than in 2024 as the gambling landscape has grown at an exponential rate and the world of online opens up a new world of possibilities.
Another element of this experiencing significant changes is the regulatory shifts affecting operators, consumers and stakeholders. Online casinos such as Boylesports casino are faced with modernising the sector to not only improve consumer protections but also address many growing concerns over gambling-related harm which has led to reevaluation of the existing regulations online operators currently abide by.
UK Gambling Law
Since its inception, the UK Gambling Act 2005 has undergone great changes with the rise of online gambling, mobile gaming and newer forms of betting creating both opportunities and challenges that would not have originally been drafted in the original legislation. Therefore there have been growing concerns that policymakers and regulators should be doing more to adjust the existing framework to fit the modern world.
It is no surprise that there has been an increased pressure to tighten regulations so that players are better protected, particularly those who are more vulnerable and therefore might be more susceptible to addiction, financial ruin and mental health issues. The UK government has responded that a comprehensive review is in order to address such concerns.
What Changes To Expect
So what has changed? In 2024 several changes will be introduced that will have a huge impact on the industry. They are designed with the consumer in mind to protect, ensure fair gameplay and create a more transparent gambling environment.
Stricter affordability checks: it will now be required that operators must assess the financial health of their customer much more rigorously to make sure they can afford to actually gamble. This should in theory mean players couldn’t bet beyond their means and therefore protect them from financial harm.
Enhanced Advertising restrictions: there will now be stricter rules on how gambling products can be portrayed to the public, how they are promoted in particular to those in a vulnerable category, they will face tighter controls when it comes to content and placement of their marketing efforts including restrictions on advertising during sports and the use of celebrity endorsement, which only acts as an encouragement to those watching.
The ban of VIP schemes: this is an incentive scheme usually rewarding high-spending customers with bonuses, cashback and exclusive offers to encourage future investment. Arguably one of the more controversial elements of the industry as this can lead to excessive gameplay and so leading to higher risk of financial harm.
Increased focus of online gambling: as this side of gambling continues to grow at a rapid rate, there is greater emphasis that this needs to be regulated much more closely, yet it poses one of the greater challenges. There is a need for greater age restriction verifications to prevent underage gambling taking place as well as a requirement for operators to provide much more detailed information on their customers gambling activity to help identify those at risk.
These changes are expected to have a significant impact on the UK Gambling industry, meaning that operators will have to adapt to the changes in conduct to comply. This will cause a strain on them to cooperate as they will likely need significant investment to change their infrastructure. Smaller operators might find this a harder challenge to implement meaning there may become less casinos going forward as they are unable to meet the requirements.
Whilst the regulations work heavily in the consumers favour to protect them, it has faced great criticism as operators unsurprisingly have raised concerns about the impact to their business in terms of the additional cost requirements and loss of potential revenue through the VIP schemes.
There is also growing concern that as the regulation becomes even stricter in the UK, that players will seek opportunities outside where there are many more unregulated gambling sites, leading to more risk than current standards within the UK.
It is acknowledged by many that the changes in 2024 to the UK gambling licence regulations demonstrates a massive step forward to modernise the industry and protect players. Though the new rules will put a larger strain on the operators, they create an opportunity to create a safer environment for players leading to more responsible gameplay for all.
