Published on May 19, 2014 by Bob Hartman
Everyday consumers, once again, might not be hurt or helped by a law being implemented by a rustic meant so as to add further rules and regulations to the mostly confusing online gambling and sports betting industry.
The new law this time is from the united kingdom and is supposed to force gaming operators in any jurisdiction by which they're already licensed (outside of the UK), to procure a license from the united kingdom enabling them to supply betting options to UK gamblers.
The new law, that's prone to be finalized by July 1st, and in an effort to likely go fully into effect by September 1st, will cost operators upwards of $25,000 the primary year and upwards of $200,000 yearly in the event that they meet certain dollar minimums. However, the more disputed aspect of the law would be the 15% tax on UK bettors revenue.
"The high cost of those requirements will likely create another scenario so that they can help unregulated, unlicensed operators gain a better foothold at the industry," said CGW analyst, Ryan Murphy.
The regulations which might be being cheered within the new law are those that force the newly licensed offshore operators to detect and report scrupulous behavior to offer protection to against money laundering, and to assist sports leagues detect cheating scandals. Also, one of the crucial money will visit further research gambling problems and help individuals who need support.
There could also be the likelihood that legal action can be taken by prominent operators outside of the united kingdom. In line with legal experts from Outl-Law.com, such actions taken by those players could ultimately serve to severely delay the implementation of the law, keeping the established order for some time longer.
By making licensing so difficult and creating such a lot of costly hurdles for legitimate operators outside of the UK, those operators may decide to simply not get licensed and refuse bets to players from the united kingdom. This may increasingly open the door to black market operators who might be very happy to take bets from any player on this planet without following licensing and regulation procedures.
"In a market that may be operating so optimally already, it's difficult to appreciate the aim of this new UK law," Murphy told us. "THIS WOULD create another wild-west situation to be able to only serve to harm the patron once again."
Read More... [Source: Gambling News]
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