An occurrence that appeared to come close to shaking the world, Brexit is now a sure thing and the large number of people that were either undecided or unaware that the vote would result in Britain leaving the European Union have got to accept that it is now a reality.
Many of the industries that have come to realise this have ultimately been trying to uncover what the future holds for them and what is expected to change – and the online betting industry is certainly no different.
Could Brexit Affect Online Play?
Not many people are aware, due to the fact that places like Vegas and Macau have stolen the spotlight for the world’s hottest gambling and entertainment destinations, but online gambling was actually first created in the United Kingdom.
It has since made the UK its home after Microgaming in the Isle of Man proceeded to launch the very first, fully functional online casino gaming platform back in 1994. What’s more – and something worth mentioning in the wake of the many questions about Brexit’s effect on the industry – the UK is home to some of the world’s leading gaming companies, and they could take a knock if they can no longer offer casino games and other wagering services.
Being one of the most lucrative places for casino gaming and gambling operators, the UK’s gambling industry is actually one of the most resilient and the public ultimately spends well over £3 billion each year just on betting. The question is, what exactly will Brexit’s affect on gambling be?
Outside Access Restrictions
It is very likely that the marker between the UK and the EU will close rather tightly after Brexit, which will ultimately mean that there will be certain operators that fail to produce a UK Gaming Commission license may end up being left with little, if no access, to the gambling market in the UK.
There has, however, been a rise in affiliate websites to indicate that the market is not quite stagnated. iGaming affiliates are there to provide you with tips, news and reviews and with Brexit close on the horizon, we are bound to see an increase in licensing and agreements to make sure we see sustainable growth in the UK in the future.
The introduction of what is known as the Point of Consumption tax in 2014 ended the UK players’ access to both casinos that are licensed in the UK and those issued by Isle of Man, Malta, Alderney and Gibraltar authorities. Anyone willing to operate in the gambling market must be licensed and taxed by the UKCG, which will have a significant effect on the access to offshore operators. It is too early to tell exactly what changes will be made, but they certainly will take place.
Impact on the World
While there may be a great deal of uncertainty with regards to the United Kingdom leaving the European Union, the one thing that remains certain is that the entire gaming industry is likely to feel some form of impact from the move, and not simply the UK.
There are a lot of operators that already possess licenses in a number of jurisdictions, but those that have failed to follow suit may see some of the biggest impacts in the years to come.
What Does This Mean?
For those of you that are based in the UK, this won’t really mean anything at all, as it is not likely that your favourite betting sites will vanish.
However, anyone living outside the UK and using some of the many sites based there should prepare for some sort of an impact, even if it is just a minimal one.