How are Online Slots Regulated in Britain?
Slots online UK games gambling is any form of gambling done over the internet. It could be done via a computer or any internet-enabled device.
The first online slots casino was opened in 1994 when the Free Trade and Processing Act was passed to grant licenses to corporations that applied for online casinos. Then the UK Gambling Commission was formed to update the gambling rules in the country.
The main aims of the Commission were:
● making sure that there were no links between gambling and crime
● ensuring that gambling is conducted in a fair and open way
● protecting children and any other people from harm and exploitation
The Commission was created to bring the online gambling industry under the legislation of the British government.
Another significant responsibility of the Commission was to form licensing procedures for gambling sites within the UK. In turn, these companies would pay taxes and fees to operate in the country.
Any company desiring to enter the online gambling business needs to obtain a license from the UK Gambling Commission. Several types of permits are meant for various forms of gambling.
A business may have to produce some or all of the following types of licenses.
- An operating license from the UK Gambling Commission,
- A personal management license and
- A personal function license
These licenses are issued to businesses intending to start any form of gambling, be it online or offline casinos. The Commission will charge an annual licensing fee to the license holders to consistently renew their licenses at the end of the yearly term. The Commission does this to contribute to the achievement of its objectives.
Another way the UK Gambling Commission regulates the gambling industry is by levying taxes. The UK Gambling industry is a convenient and profitable one. Since both the winners and players do not pay taxes on their winning money, the casinos are taxed.
Casinos pay 15% tax on all gross profit. This means that all gambling companies, including those that operate outside the UK but with players in the UK, are taxed on profits earned by the players in the UK.
A failure to do so will result in the cancellation of the license or the inability to obtain one.
The Commission has also introduced several safety measures to protect the interest of online players. Regulations are also introduced to ensure online casinos follow the data protection and cyber security standards before issuing the license.
These efforts make the UK Gambling community safer for all players and winners.
Few countries have made drastic efforts to make the online slot casino community safer. Maybe this is due to the online casino industry’s infancy compared to the more settled and established onsite casinos. The good news is that legislation is catching up in every part of the world to acknowledge the widespread use of online slots casinos.
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