Last updated on January 7th, 2022
The UK sports betting industry is now facing threats with the much-awaited government review of Britain’s gambling laws being underway. The industry fears the introduction of changes that might affect the betting market in the long run. A notable reform is the banning of logos of betting firms from the shirts of Premier League footballers. This is because of the prevailing problems of the “gamblification” of football.
Courtesy of Betfair
Because of the 2005 Gambling Act, the notion that gambling was a bad habit was dispelled. However, in the UK, there has been a growing problem of gambling addiction, especially with football betting. For these reasons, the Betting and Gaming Council or BGC for short has welcomed the upcoming reforms.
According to a senior consultant at Eilers & Krejcik Gaming, Alun Bowden, “The industry really means it because the wide-open uncertainty is really difficult to plan for. There is a lot here that could have big impacts on revenues, share prices and jobs.”
Thus, with the rising concern about gambling’s role in society, these are some of the changes in gambling laws that are under consideration:
- Limitations on prizes, online stakes and spin speeds
- Stricter affordability checks
- Testing of new gambling products
- Ban on sports sponsorships
- Tackling the parallel market with new powers
- Legal redress for wronged punters
- Mandatory levy for addiction treatment
Courtesy of NBC News
Although many advocates embrace the tighter regulation, the idea of a harsher regulatory climate is a concern among online bookmakers. For those offering football betting odds, for instance, with stricter measures being implemented, it might affect bookies’ profits. In the UK, football has been a leading sports betting favourite, but with the crackdown against the saturation of football, severe regulations are being considered. An example is the sports sponsorship ban.
What are other changes that might affect the industry?
For those who want to open a betting account, you should know the changes that are under review. This can help you with your betting needs in the long run. One potential change to remember is the limitation on online stakes. When a prominent cross-party group of MPs asked for a £2 limit on online casino stakes, gambling shares decreased significantly.
In addition to that, you also have limits on how much punters can deposit or lose. The Gambling Commission has been assessing affordability checks. According to senior analysts, these limitations could potentially crimp betting activities significantly.
As stated by Dan Waugh of Regulus Partners, “If it’s the case that consumers are required to produce bank statements or payslips in order to gamble above a certain amount, a significant number of people would not bother.”
Another potential change that has ramifications is any alteration that can dilute the effectiveness of in-play betting. Bet365 pioneered In-play betting, and it helps punters place swift and frequent bets while the game goes on. Because of this type of betting the UK football betting market has grown into £1bn-a-year market.
Those are just a few of the potential changes in gambling laws. The sports betting industry continues to change, and bookmakers are adapting as best as they can. At VOdds, we make sure to provide you with some of the best betting services. We can help you with how to use bonus bets, how to choose the most appropriate betting types, and more. If you want to know more about us, register with us today!