If you’ve placed a bet on horse racing which has come in but the returns are lower than you expected, there is a chance that…
Brexit is throwing up a lot of complications in a lot of industries as the UK looks to come out of the EU. At present there’s no real idea as to whether the country will get a deal and that will impact on a variety of different industries.
But what about gambling in the UK and EU. It’s one of the biggest industries in the UK and there are many questions as to how Brexit may affect it.
With the leaving date imminent, we explore just how Brexit will affect gambling in the UK…
When it comes to gambling in the UK, in terms of rules and regulations nothing will change at all. There is no specific EU regulation when it comes to gambling, with countries required to legislate and regulate themselves.
In the UK, the UK Gambling Commission regulate bookmakers in the country with all betting sites operating here required to have a license approved by them.
It is one of the most heavily regulated countries in Europe in terms of gambing and there will unlikely be any major headaches or difficulties on that part when it comes to leaving the EU. You won’t be required to look for a new bookmaker, nothing will change and players will be able to bet on football, cricket and any other sport they wish to with the same ease.
Gamling laws in the UK are not connected to any laws in the EU and therefore the industry should continue as normal.
Where it starts to get a little more complex is for the betting sites and businesses themselves and where they are based. To avoid additional taxes from sites that are based abroad but carry a UK license, as well as companies in the UK which have been plying their trade in the EU, many companies are opening headquarters in multiple countries as it’s likely the single market will no longer be available.
This essentially splits the different parts of the business into separate UK and EU entities. In some cases, brands may completely pull out of the market, meaning we may see some European bookies no longer accepting UK customers, although this isn’t likely to be the case with major brands.
Employment is also another issue, in which free movement has been benefited from just as is the case with many industries, although these problems aren’t specifically tied to the gambling industry exclusively.
This will particularly affect the likes of Gibraltar, which is a UK dependency. Many of the largest bookmakers are based out of Gibraltar with many workers crossing the border from Spain each day. However, if restrictions tighten, then it could cause problems for gambling companies in particular.
There has been very little panic in regards to how leaving the EU will affect the gambling industry in the country and it is unlikely that there will be any major impact.
For players in the UK, there should be no change at all, with only aspects that affect many other industries too really playing their part, such as free movement and additional taxes.
What’s more, online gambling continues to rise considerably each year, with brands like 888sport and emerging operators like Betiton witnessing huge growth this year; therefore any hit will likely be counteracted by that.