Gamers and gambling operators on Monday morning were greeted with the news that neither of the parties find pleasant. The UK parliament’s efforts to regulate the gambling industry took another step, with the lawmakers proposing a maximum stake of £2 for the slot activities.
While issuing an interim report on Monday, the Gambling Related Harm All Parliamentary Group proposed certain measures targeting both gambling operators and gamers. On top of putting a limit to stakes for online slots, the group also seeks to regulate the amount a user can deposit.
The recommendations come despite the parliamentary wing being aware of the existence of responsible gambling tools for casinos and the entire industry. The UK Gambling Commission can only license a firm that honors all the requirements. Some of the gambling operator tools include taking a ‘break’ from gambling facilities as well as setting the maximum deposit for the customers.
Many experts in the gambling sectors are afraid that the success of the proposal wouldn’t solve the problem, heighten the risks for users. Besides, it would cause most betting firms to close shops and search for territories with lenient rules.
InterCasino had already exited the UK market, citing the continued penalties that UKGC imposed as their reason for the departure. An additional restriction to the sector would no doubt leave the iGaming operators with no option to exit.
The parliamentary group that’s chaired by Carolyn Harris MP emphasized how online gambling needs urgent regulations to save society. She, at the same time, reiterated that putting restrictions on the stake and prizes is “a major step forward to reducing harm” for the industry.
The group also faulted the UKGC for failing to honor its mandate to regulate the sector. The parliamentary group accused the gambling commission of abdicating on its known responsibility.
One of the laxity on the side of the regulator that Harris team cited is the failure to implement the Gamble Aware social ad campaign in a way that it conforms to the “public health settings.”
The adoption of online stakes limitations will no doubt be bad news to several players in the sectors. Betting firms are likely to close their shop, just like physical betting shops closed down after maximum betting stakes were limited to £2 in the UK earlier this year, thus lowering the revenue from the industry. Gamblers are also likely to bet using international firms that don’t limit their stakes. The harm may become massive than what the lawmakers are trying to avoid.
£2 Bet Limit for Online Slots Proposed by UK Parliamentary Group