How Is The Gambling Commission Funded In UK?
The United Kingdom Gambling Commission was established under a 2005 law and it is becoming into full power on September 1, 2007.
The UK Gaming Commission is covering remote gaming and several segments of the brick-and-mortar industry. UK Gambling Commission was to form licensing procedures for sites located in the UK that are offered online gaming.
These companies are paid for licensing and taxes in exchange for permission to operate within the UK borders. The UK Companies could avoid the outside expense and hassle of licensing. In 2005 gambling commission funded in UK.
UKGC expansion of power in 2014
The UK Gambling Commission has received a substantial increase in power for the country’s remote gaming industry in 2014. This required all companies are operated online gaming in the UK to receive a license in the country. UK gambling commission funding offered required licensing.
This is included poker, casino games, sports betting, bingo, and lotteries. Additionally, it is provided for a 15 percent tax rate on gross gaming revenue.
This is caused by ripples in the country’s gaming industry. As a result, many gaming sites are choosing to abandon the market instead of complying with the licensing requirements.
Some companies that have stayed in the UK decided to pass on some of the taxes to customers. It was reversed upon the alteration of the entire PokerStars VIP program to favor recreational players over professional ones.
Advantages of UK Gambling Commission licensing
Remote gaming companies with a UK gaming license are offering players many advantages over ones that operate illegally. Since a registration process vets each of the licensed companies, it is screening out unsuitable individuals and entities from the industry.
Gaming sites must hold player funds in a separate account from operating cash. The UK Gambling Commission is reviewing software and policies for fairness. A player who has a dispute with an online gaming company can hold the site accountable. The Advertising Standards Authority can review marketing procedures to ensure fairness.
This eventually ends with seizures and criminal charges for sites that do not abide by UK online gambling laws. Additionally, these companies are evading taxes. Players are not having recourse against sites that don’t pay players or get caught cheating.
Sites are not licensed in the UK often operate illegally in other countries. This is increased exposure to potential legal action where player funds are at risk.