With more activity occurring in the online realm, it is becoming increasingly harder for authorities and regulatory bodies to monitor and control digital activity. One example is the increased use of cryptocurrency. This financial innovation exclusively uses the online world to carry out its peer-to-peer transactions, almost forcing cybersecurity to grow and learnfaster. Additionally, financial experts and regulators need to learn about the functionality of blockchain and evaluate where the main risk in using cryptocurrency lies. The benefits though are clear to see. The speed, practicality, security, and anonymity are all advantages associated with cryptocurrency.
However, compared to another rising online phenomenon, cryptocurrency poses relatively fewer problems to the end user. The phenomenon we are referring to is online casino play. This industry is currently enjoying its most fruitful period in history, with more countries legalising online casino play, and moreusers playing on online casino websites than ever. Like cryptocurrency, the virtual version of classic casino games such as blackjack, roulette, poker, and slots operate solely on the internet and on other technological devices such as smartphones, tablets and even smart watches. It is an industry that also generates billions of pounds worth of revenue each year for the UK. In 2022/23, this figure stood at £6.5 billion.
Despite this, there have been recent movements to restrict online casino activity in the UK, which has been met with uproar from parts of the online casino community. Approved regulations such as limits on online slots wagers, or “discreet” background checks on players losing too much money have been seen by some as impinging on individual freedoms. However, the UK Gambling Commission (UKGC), along with the government, are embarking on a different mission by introducing these new regulations. Their motive is a noble one; to protect people from gambling addiction on websites that are growing in number and easily accessible.
Getting a grip on online casino play
The rise of online casino might have caught a few in the Culture, Media and Sport Committee by surprise, but the Committee, with the support of schemes such as Gamstop and GamCare, are acting quickly to gain a measure of control over the industry. For these bodies, protecting the public from themselves is the main priority, despite the revenue numbers published. However, as with most regulations, not everyone will be appeased. And the risk for organisations trying to counter gambling addiction is players migrating to non-UK casinos at euwiki to find online casino play without any limits or restrictions.
This could result in other markets and providers profiting from UK-based players. The results of the current test of the new regulations are still unknown, with verdicts due in March/April 2025 but there is no doubting the value online casinos bring to the UK, or the popularity, despite belief that online casino providers actually affect the UK economy negatively. However, those introducing the regulations have an obligation to put the needs of UK citizens first. How far they will go, and how regulations will affect online revenue for the UK, remains to be seen. Perhaps they will have an ace up their sleeve to achieve the perfect balance.
