For anyone who enjoys a spot of online casino gaming and online betting, Brexit might have you sweating. Whether you’ve placed a bet on a deal being formed or a No Deal exit on the 31st October 2019, you’re probably wondering what this could all mean for the betting industry itself. Given the UK is leaving one of the most of passionate regulators of the industry, some see the UK becoming a minor haven in European for online betting and online casino gaming. How, though, is it expected that Brexit will/could impact on the industry?
Like most other industries, at the moment the actual results of Brexit are yet to be known. The overall shambles since it was announced in 2016 means that we’ve gone through so many different out comes and emotions. With the fact that it might not even happen still being a reality, there are many companies who aren’t taking the Brexit predictions seriously.
From your perspective, though, what can you expect to see change on your favourite betting sites due to Brexit?
Tax laws could be set to change
In 2014, we seen a raft of major laws and tax changes come into place that throttled the betting industry in the United Kingdom. This meant the UK was now more in line with the stringent, regulatory-heavy approach put in place by the UK. However, is that the kind of laws that will stay in place?
Given the UK seems far more reticent to betting than other European nations, we could see a rollback.
Companies might need to move on
However, if the laws don’t get relaxed and instead are tightened, we could see some big name UK bookies moving on from the UK shores. The fact that regulation is happening all over Europe means that many big name groups are moving into new parts of the market across other fervent gambling markets. The UK could see something similar happen, if firms cannot find easy access to the UK market once Brexit occurs.
Licenses won’t be revoked
However, one common fear is that companies will have their licenses being revoked. So long as the UK does not go for a wholesale change to their regulation, then companies are unlikely to have to re-apply or lose their access to the market. We should expect progress for the UK betting scene to be quite different compared to other industries. It’s going to have far more change coming from the courts due to the complex, intricate nature of UK betting laws.
WTO rules could kick in
Another common suggestion is that the United Kingdom will turn to the World Trade Organisation to help them set the standard. While relying on WTO figures is often much maligned, it might be what the future holds for the UK if it wishes to push on with Brexit. WTO rules are generally much more friendly to the betting companies than EU regulations, which could make the whole market a touch more lax.
It’s going to be interesting to see what changes in the UK, with the changes expected to impact on everyone from the betting punter to the Gambling Commission. While the only certainty with Brexit is more uncertainty, we’ll surely learn something of value about the process in the coming weeks.