UK to shake up gambling industry with tougher new rules
The UK is set to unveil a major overhaul of the gambling industry on Thursday, with proposals to tighten regulation of online gambling published by the government.
A white paper has been published by the Department for Culture, Media and Sports (DCMS) that outlines its plan for regulating the contemporary gambling sector.
The review of gambling legislation, launched in December 2020, will propose a range of restrictions on smartphone bookmakers.
Among the recommendations is the imposition of a statutory levy on gambling operators, requiring larger companies to share 1% of profits to support public health initiatives.
The government is also planning to introduce stake limits on online casino games as part of a major overhaul of the gambling industry, aimed at reducing problem gambling.
The limits will be stricter for younger gamblers, with those under 25 limited to £2 ($2.5) bets and older gamblers capped at £15 ($18.7).
There will be tighter financial affordability checks for online gamblers as well.
Individuals losing more than £125 ($156) a day will face checks on their bankruptcy status or any county court judgments against them. For those losing £1,000 ($1248) or more per day, open banking checks will assess their income.
These proposals will undergo further consultation before being implemented.
"Gambling is a hugely popular pastime and one that has been a part of British life for centuries. This popularity has seen our betting companies balloon in size and become big contributors to both our economy and in the taxes they provide to our public services," Culture Secretary Lucy Frazer told the House of Commons on Thursday.
The recently published white paper revises the 2005 Gambling Act, which aimed to establish the UK as a leader in the gambling industry by liberalizing regulations.