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New updates for UK regulations on crypto gambling business

by LLB Reporter
27th Sep 21 10:56 am

Online gambling has boomed in recent years, although it seems it has boomed at such a rate that a number of concerns have been raised which has led to action being taken. Indeed, the entire global gambling market has experienced astronomical rates of growth at unprecedented rates, however it seems the UK market is one that has caused plenty of concern with senior officials within the country. So much so that the Gambling Commission, which is known as the UKGC throughout the planet, has decided to crack down on the betting industry, with the UK regulatory making a number of decisions that will affect operators within the British island.

Regulations on payment methods being used

The UKGC has already had a significant impact on the way bettors are able to make deposits when looking to participate in online gambling activities such as playing the latest slot games and live dealer table games. Credit cards are no longer possible forms of accepted payments when making deposits into accounts at online casinos, with gamblers having to utilise other methods. These include debit cards, e-wallets like PayPal and cryptocurrencies. Casino games with crypto and Ethereum gambling online have become incredibly favourable to bettors who continue to use UKGC regulated casino options. However, crypto options can be rather difficult to find under this regulatory license as many of them are being scrutinised to ensure the source of funds is legal, whilst many online casino platforms that accept the digital tokens typically carry a Curacao license.

Changes to online slot games desired by the UKGC

One of the biggest changes that could happen – and is being pushed for by the UKGC – is for casino operators to provide users of slot games with information that they want to become mandatory. One piece of information that they want to be made available is the total win and total loss amounts spent on a slot game. The regulator is keen to try and curtail manipulation tactics that are being employed by ensuring that the information is displayed, thus allowing bettors to make an informed decision after being aware of all of the figures that are available during their gaming experience. According to figures, this new rule if implemented could affect approximately 70% of the casino games that are currently in circulation.

In addition to having mandatory information being made available, the UKGC wants to actively oversee the online slot machines that are currently being hosted by the casino operators. This is because they want to try and shield players from a number of losses that can be avoided by trying to eliminate the addiction that can be suffered when playing these games for a significant period of time.

Furthermore, by regulating the games, the UKGC would be able to evaluate what each game brings to the table and will be in a position to request the removal of certain bonus features that they may consider to be harmful to individuals who play these games. This is a common practice in some countries, with many banning the use of features such as ‘Bonus Buys’.

Criticisms levelled at the possible restrictions

The proposed regulations that the UKGC has announced and plans to implement may help to introduce a safer and new way of gambling, however it has not come without its criticisms. Members of the British Parliament are amongst its fiercest critics currently, as they do not believe a group as small as the UKGC (in comparison to the overall online casino industry) will be able to control an immense operation and do it successfully, whilst they also raise concerns at the resources that they have available. It is believed there are questions about the size of teams and the abilities that they have to manage the workload.

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