Several members of Parliament in the United Kingdom have reportedly suggested making changes in the UK’s online gambling market in order to impose further regulations and restrictions. At this moment, one of the most significant proposed alterations is allowing the maximum stake limit to be only £2, which is approximately $2.57.
The Guardian, one of the most popular newspapers in the country, published a report recently in which it states that the all-party parliamentary group (APPG) suggested making core changes to the online gambling market. The reason for them taking action and being vocal on the issue is actually related to an interim report which was published recently on online gambling harm.
The report was a result of six-month-long research that involved gathering evidence from online operators and having sessions with problem gamblers.
People who were the loudest about making these changes involve some familiar faces, including Ian Duncan Smith and Carolyn Harris. Smith is a popular legislator in the UK, and Harris is Home Office Minister at Labour’s Shadow.
The idea of lowering the maximum possible stake to only £2 stems from the fact that the UK made some similar moves when it comes to fixed-odds betting terminals (aka FOBTs). Last year, the official changes took place for FOBTs, lowering the maximum possible stake to £2. It was £100 before the regulations took effect.
The Guardian’s Report Overview
The report in The Guardian stated that the parliamentarians stood up and are also looking to put an end to the use of credit cards in online gambling. Moreover, they are advocating putting much tighter restrictions on the popular VIP accounts. According to them, many players tend to run into huge debts due to being offered various enticements, including tickets for events and numerous complimentary bonuses.
Moreover, The Guardian suggests that all players who are interested in taking part in online gambling have to undergo obligatory checks for affordability in order to ensure that they will not have financial difficulties after playing the games.
Harris stated that there was a need to make “a root and branch review of the regulation” related to online gambling. She added that reducing prize limits and stakes is the first step forward towards regulating the online gambling market. Moreover, Harris expressed her confusion about the lack of interest from the Gambling Commission to make matters more urgent, condemning the regulatory body for irresponsibility.
The British online gambling market is huge, meaning there is a lot of things at stake. However, it’s always good to try and find a way to regulate it, prevent possible harm, and still manage not to scare off investors, casino, and sportsbook operators. Online gambling remains one of the things that is not well regulated at the moment around the world, but that is bound to change in the future as many regulators are turning their eyes to this type of entertainment.
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