Should a list of the most pleasurable activities known to man be complied, there is little doubt that gambling would top such a list. Gambling is very ancient, and we can’t help but imagine that the very first person to invent the practice was given a gold medal or the like for his feat.
Unfortunately, though, gambling is so sweet that as of the present it faces bans in some countries. While there are good reasons for banning it, there are equally good reasons for permitting broad access to this ancient human practice.
The UK is thankfully not among the countries to have banned casino gamble, which is to be expected as its populace would have risen in arms to denounce any government that seeks to deny them of the sweetness that the act has to offer. With gambling being fully legal in the UK – though it has not always been so in the past and this has led to a massive boost to the UK gambling sector, to the point that the UK is currently regarded as being central to the global online casino industry. At present, there are more than a few casinos headquartered in the UK, due to the friendly business climate in that locale.
So, what exactly has the UK government done to make the UK a global online gambling centre? Read on and get the answer to this.
The following are the measures taken by successive UK governments to make the country an online gambling hub.
The UK government first committed to deregulating the gambling market. The reason for this was simple enough, with the benefits being outsized.
Before the deregulation, most UK gamble companies were headquartered outside the country and were thus not obliged to pay taxes. This lack of tax revenues of course adversely affected the public purse.
To rectify the situation, the UK government took the unusual step of deregulating the sector. This resulted in licenses being very easy to acquire, encouraged casino companies to have headquarters in the UK and boosted tax revenues.
More, deregulation created a large number of companies, with those seeking to both acquire new customers and retain existing ones by offering a slew of very attractive bonus terms. This was, of course, beneficial to the UK gamblers, who became spoiled for choice and able were able to access any casino or table game of their choice on the most favourable terms possible.
At present, the UK is flooded with stores, with these being intent on enticing folks into signing up and getting their online gambling career off to a fabulous start. However, the fact that the UK gambling industry is regulated does not mean that casino operators are free to fleece their customers. On the contrary, there are rules in place designed to keep outlandish behaviour in check. Bookies, for example, are limited to predetermined fixed-odds terminals and cannot offer above a certain number of this.
Deregulation and the attendant increase in casinos and stores have however led to a rise in problem gambling in the UK. This problem has of late been receiving massive attention and is being vigorously tackled.
Among the biggest and most welcome changes made by the UK government was a change in the type of taxes that are paid on wins. Previously, winners paid a tax on their wins. Such taxes were massively disliked by all and they appeared to punish folks who were lucky or skilled enough to record wins.
Rather than scrapping winning taxes, these are now paid by the gambling companies, with winners being free to spend their money as they see fit, rather than being obliged to for over a portion to the taxman. Due to this, there are even some folks who gamble as their main source of employment.
Gambling is among the oldest and sweetest of human activities, with the UK lately assuming the role of a hub for the practice. The responsibility for this goes to the UK government, which has sought to position the country as a market leader beyond compare.
Posted On: 27/08/2019
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