Friday, June 18, 2010
Land-based Casinos Feel the Heat from Online Gambling Market
Online casinos are more popular than ever, with new online gambling websites popping up every day. Today, billions of dollars are spent by residents in the UK at these sites, pumping more and more money into the industry. Although this is great news for online casino operators and the market at large, land-based casinos are worried about their own profits.
Online casinos present players with a more comfortable and cost-effective way to gamble, and land-based operators are threatened by this. If players continue to make the transition to online gambling, land-based casinos could stand to lose out on a great deal of money.
In every country around the world, a portion of the revenue made by land-based casinos is given to the government, who then uses the money to fund social programs. However, with offshore companies running most online gambling websites, the UK government cannot earn any extra revenue.
This is why they are looking at new ways to license offshore operators, rather than allowing foreign regulatory bodies to do so. Under the proposed law, online casinos would have to obtain a license from their own regulatory body before applying for from the government. Rather than creating government-regulated online gambling websites, this tactic allows existing casino players to continue enjoying their favourite games without worrying about it being made illegal.
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