Online Slots Restrictions – Online Slots are without any shadow of a doubt one of the most popular pastimes for many people. However, there are many people that also believe them to be dangerous for some people who simply cannot control their budget and can get themselves in all sorts of financial trouble as a result.
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After a parliamentary anti-gambling group suggested that gambling in the UK is out of control, and the regulatory body – the UK Gambling Commission, hasn’t been doing its job, a lot of industry leaders pitched in to stifle out the criticism. Other than criticising the Commission, the Gambling Related Harm All-Party Parliamentary Group (GRH APPG)’s report also suggest that the online slots betting limit must be brought down to £2.
‘Outrages,’ were the words lot of business experts said at the time. To reduce the betting limit down to £2 would mean catastrophic losses for business. It has already been proven – after the April FOBTs ban, 700 William Hill betting shops had to close in the United Kingdom, offering some very narrow leeway for the operator.
Now, a suggested ban – that is unlike to pass – could spell the end of the casino industry. But will it come to that?
Why the £2 Cannot Be?
The UKGC is generating some solid revenue from taxing Gross Gaming Revenue (GGR). With lawmakers hiking taxes to meet budget needs, taking a massive effort to clamp down against gambling would be tantamount to depriving social and sports structures from funding – at the blink of the eye.
To add insult to injury, there would be massive job losses. The industry currently employees 100,000 people in the United Kingdom and this excludes any companies that serve as affiliates and even employees abroad – which, while not the United Kingdom’s problem – is still a factor.
So, would any lawmaker deign to actually spell the demise of an industry that contributes a fair chunk to the public purse.
Online Slots Restrictions – Industry Leaders and Lawmakers Against the Independent Report
While the GRH APPG’s criticism is reasonable – to extent, it doesn’t factor some very basic things. First, as we said, gambling is a vital part of the economy of the country – not overly dependent of course, but leaving 100,000 without a job will quickly rake up millions’ worth of lost economic momentum.
The UK Gambling Commission is already enforcing stricter regulatory rules that seek not only to criticize gambling but to see how business and player-protection measures can co-exist. Put another way, it’s easy to criticize measures without factoring the potential economic fallout – which is what GRH APPG does.
Not least of all, many of the measures outlined by the report have been already met by the UKGC – if not all of them. Furthermore, the APPG published the report without consulting any GBUC data, which is another gross oversight.
Why? Because a parliamentary group simply doesn’t have the tools to collate data efficiently – not when there is a regulator that has been designed to do this specifically. To answer the question succinctly, the UK will most likely never reduce the online slots stakes to £2. This would be tantamount to destroying the livelihoods of hundreds of thousands of people.
Far more likely is for the country to come to the point where no one is interested in gambling any more should these online slots restrictions come to pass.