A big chunk of the British population is invested in Online Casinos and Gambling in general. And there is no doubt that a large part of the entire British economy is dependent on the Gambling Industry. However, with Brexit happening, just like many other industries Gambling Industry has its share of problems. Shortly you as a gambler will face many troubles for sure. This detailed article will discuss all the anomalies that will pop up when Brexit reaches its last stage.
Gambling has always been in the news. That is why the European Union has always kept an eye on the Gambling Industry using Gambling Licences. In 2014 UK passed the Gambling Act, which made it compulsory for all the existing online gambling institutions to get a licence approved by the UK Gambling Commission to continue their business in the UK. Thanks to that, gambling will not get affected as much as we thought from the licencing perspective.
But according to some sources, the case seems different. There is a chance that Brexit will force all the Gambling institutions to renew their Licences with the UK Gambling Commission. That will cause some problems for Gamblers who love to gamble daily. However, it will not just end with that. Many online gambling gaming companies will also be affected by these drastic changes and lose many valuable customers.
The fate of Gibraltar
There is a big chance that Brexit might affect how Gibraltar functions as a gambling hub for the UK. Thanks to all the island’s tax relaxation, most online casino businesses call it their HQ for operations. This island has been a disputed land between Spain and the UK.
Gibraltar enjoys closeness with Spain by receiving daily workers for this online gambling business. Almost 60% of the staff that work in Gibraltar lives in Spain. After Brexit, there is a chance that this harmony will be disrupted, which will lead to the shut down of many online casinos.
How Does This Affect You?
As we have already mentioned, Brexit may force all the existing online casino sites to obtain new licenses from UK Gambling Commission if they wish to continue operating. It may sound easy, but getting approval will take a long time. And that is going to be a pain for players who are looking into sites to gamble on.
That is one of the problems you will face as a gambler. One other problem is that many people may relocate to keep still working in the industry once Gibraltar stops being the heaven for gambling companies. Furthermore, with Brexit, many other countries might also start thing about leaving the European Union.
And as we all know, how strict and popular the EU is when it comes to Gambling Regulation. And with many countries leaving the EU, the Gambling Rules and Regulations will also differ in many countries. That will lead to less competition and a lower rate of bonuses for players like you.
In this detailed article on how Brexit changed the online casino industry, we have discussed all the possible scenarios that might happen after Brexit. We hope that this article has helped you find the answer you were looking for.