The UK’s decision to leave the European Union has been a big shock for the nation. The British betting industry, however, is well prepared to cope with the potential loss of EU-wide regulation.
How does Brexit affect the UK betting industry?
In fact, in the long run, the industry could benefit from Brexit. The UK’s first bet was made by William Hill in October 1947 when it offered an initial stake of 20p on the outcome of the 1948 General Election. With Bet365, one of the biggest names in the UK betting industry, now entering the race as the country prepares to exit the European Union, it looks like the industry may benefit from Brexit.
Why is that so? After all, the UK is one of the most regulated markets in Europe. The EU has been an advocate for fair and transparent regulation since its inception and this has meant that the UK has benefited from the same level of regulation and consumer protection that was afforded to its EU counterparts. The UK’s decision to leave the European Union may actually give rise to new opportunities and create a more efficient market. For example, many of the UK’s regulators have a long-standing relationship with their EU counterparts and this has meant that their expertise is transferable. Websites like bettingcompare.co.uk have always worked on analyzing the best fit for the UK betting industry after the Brexit.
Why is the UK betting industry so important in the UK economy?
In fact, the industry contributes around £5bn to the UK economy each year. This makes it one of the UK’s biggest contributors to the nation’s GDP. Additionally, it accounts for around 2% of the UK’s total workforce. The industry’s size and scale mean that it is also a significant contributor to the UK’s exports, which contributed to an average of 1% of the country’s total trade value in 2015. It is clear that the UK betting industry plays an important role within the UK economy and, therefore, its impact should not be underestimated. The UK’s exit from the European Union is currently expected to be a lengthy process and there are many unknowns about how it will all pan out.
What are the problems the UK betting industry faces?
Thus far, the industry has managed to survive many major challenges over the years including the introduction of gambling on football matches in 1990 and the ban on fixed-odds betting terminals in 2011. However, the UK has been a part of the EU for more than 40 years now and so the UK’s decision to leave the EU will present challenges for the industry that they have never faced before. This includes regulatory uncertainty, reduced consumer protection and the potential loss of the UK’s position as a key global hub for the gaming industry. For example, the UK’s decision to leave the European Union could result in a loss of important relationships and contracts with both the government and business partners. In addition, the UK has long been a major player in the gaming industry and this will be challenged by the loss of EU-wide regulation.
What are the solutions for the problems the UK betting industry face?
What, on the other hand, is Bet365 doing to assist in the mitigation of these issues? There are a variety of solutions available to the sector to ensure that it is prepared for the possibility of losing EU-wide regulation. These are some examples: Developing working connections with other regulatory organisations It is certain that the United Kingdom’s choice to exit the European Union would bring difficulties for the business. However, this does not imply that the sector should relinquish its status as one of the most important gaming markets in the United Kingdom. To provide an example, the United Kingdom has had a long-standing partnership with the National Lottery Commission, which is responsible for overseeing the country’s gaming operations. It is via this partnership that the sector may benefit from its knowledge in other areas, such as the running of lotteries, to better prepare for the changes ahead. The industry should continue to strengthen its existing partnerships while also establishing new ones wherever feasible, according to the report. Over the years, the industry has also been working on a number of consumer protection efforts as well as other projects. These include the implementation of responsible gaming’ rules in 2003 and the establishment of a ‘Gambling Awareness Program’ in 2006, among other initiatives.
What could the UK betting industry do to protect itself from the risk of a no-deal?
In this instance, what do you think would be the best course of action for you? In the case of a ‘no-deal’ scenario, it will be critical for the gaming business in the United Kingdom to be prepared for any possible challenges that could occur. This entails ensuring that the relevant processes are in place before to the country’s departure from the European Union. In the event of a no-deal Brexit, the gaming sector must guarantee that it has the necessary infrastructure and personnel in place to handle gambling operations. Additionally, it should evaluate whether it would be necessary to implement procedures that will enable users to access their accounts even while they are not in the United Kingdom. Customers will be able to make deposits and withdrawals at any time and from any location in the globe, ensuring that they will always have access to their funds. What do you think is the most probable consequence of the United Kingdom’s vote to exit the European Union? As of now, there is little certainty about how the United Kingdom will interact with the European Union in the wake of its vote to leave the bloc. It is certain, however, that the United Kingdom needs a new relationship with the European Union that is beneficial to both sides. The gambling business in the United Kingdom is looking to the future and is hopeful that the government will be able to resolve this issue fast.
