The UK government has officially launched the long-anticipated and industry-feared 2005 Gambling Act review.
This will be the most far-reaching re-regulation of the industry since igaming was first regulated in 2005, and the industry expects certain restrictions that may cut into their bottom line.
The review, which will be carried out by the Department for Digital Culture, Media and Sport (DCMS), promises objectivity and will touch on important consumer-focused matters, such as stake and spending limits, as well as new rules about advertising and bonusing, similar to the models used in Scandinavian markets.
To kick start the review, the DCMS has launched a call for evidence that will run for 16 weeks through March 31, 2021.
It will assess the viability of certain moves and what impact they would have on the industry, consumers, and livelihood of people employed within the industry should they be enforced.
The DCMS has assured interested parties that the government is aware of these changes and it acknowledged that changing the regulatory framework would impact both consumers and businesses, and that any such change must be carried out carefully and with the above in mind.
Meanwhile, the Gambling Commission has had to fend off criticism from entities such as the National Audit Office and Public Accounts Committee, which have suggested it is not fit for purpose or up to the task of regulating the modern industry.
The review will seek to empower consumers, giving them more legal grounds to challenge operators that have knowingly breached social responsibility.
According to culture secretary Oliver Dowden, the review will factor in the transition of igaming and gambling towards the digital age, which necessitates a new approach.
Meanwhile, cryptocurrencies have been left out of the equation, but websites such as Bitcasino, BitStarz, and 1xBit are more than happy to extend and offer a gaming product that is complacent with all regulation.
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