UK Moving for Foreign Licenses in Online Casinos

The UK released a proposal at the end of the week announcing their intention of operating online casinos overseas. This announcement has come as a bit of a shock. Many of the UK sites have felt they are being unjustly treated by the British government and regulation factions. In fact last year the UK decided to increase their taxes on the UK online casino industry. This increase in taxes led many of the online casinos to move to sites like Gibraltar, where the taxes are lower and there are fewer restrictions. The British online casinos stated that they were being unfairly taxed and regulated compared to many foreign sites.

The announcement was a response to this outrage. Since the rules for foreign casinos are less online the British companies have felt they must seek outside licenses with foreign countries in order to remain in operation. The UK has decided to try harder to regulate the foreign casinos. They are asking that all licenses should include sharing of information especially in regards to suspicious sports betting and protection for children. The new regulations being offered through the UK are tightening the laws these foreign licensed companies will have to deal with. There will be a white list of approved jurisdictions that online casinos can be a part of. Even the EU members will be part of the list and must adhere to the licensing requests. In other words members of the EU would have to obtain UK licenses to even advertise in the United Kingdom.

The EU rules state that a member of any EU nation will have to accept the license of another nation. In other words the regulations set forth in a country like the UK must be followed for the online casino to be part of that country. It will work to stop corruption in sports betting like that exposed in China a few weeks ago. It is also supposed to make other countries feel more open to allowing online casinos. The US has been a strict country in regards to online gambling and adhering to the EU’s demand that all countries open up the online casino market.

The solutions which are being detailed are not concrete yet. The proposal is just the beginning for change. The regulations, however, will have to be followed even though online casinos may enjoy lighter taxes outside of the UK.