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UKGC Proposed to set Monthly Loss Limits

The UK gambling industry was rocked by claims of new gambling regulation in early November. This regulation aims to tackle the problem of gambling in the country and its widespread rise in online casinos since the pandemic. The regulation sees a monthly loss limit of £100 to make gambling operators more responsible. Although the regulation has only been recently proposed, it’s already under review by the UK Gambling Commission (UKGC). This regulation comes almost unexpectedly as there is already a myriad of regulations following the 2005 Gambling act.

UKGC Proposed to set Monthly Loss Limits

However, many would argue that the regulation was necessary at the time it comes. The pandemic has led to the loss of lives and millions of jobs; in turn, a major part of the unemployed have turned to gamble to earn real money. The statistics of people frequenting online casinos during the pandemic has skyrocketed. This is in the face of already laid-down regulations, so, to combat the risks of addiction and money loss, the UKGC proposed this regulation.

How The Gambling Operators and Punters Reacted

Mostly, the proposal has been met with a lot of backlash and criticism for the UK government. Punters and operators alike have expressed their grievances on various online platforms on how the UKGC wants to stifle the UK gambling industry’s growth. It’s no news that the industry alone generates billions in pounds yearly, but the commission’s regulations seem as though it’s worse than good. This proposal comes amidst ongoing talks that bet limits are irresponsible and inappropriate and should be deemed lower. The current bet limit is at £2,000, and this restriction feels as though the UK government wants to eradicate gambling rather than regulate it, as expressed by many punters.

However, some in the gambling industry have also come with views that it’s for the best and will work out eventually. Past regulations have seen UK bookmakers’ close shop or outrightly blocked by the gambling commission. And with this new proposal, one can only expect more casino shops closing. If former restrictions have blocked your favorite UK bookmaker, you can find more about sports betting sites not on Gamstop UK. In addition to the regulation proposed, there would be a one-hour time limit, and players will have restrictions on extra wins after the set time limit.

The regulation is expected to affect the gambling industry for the first few months and be adapted to all other regulations. Also, players know their way around casinos as it’s possible to find an online casino that’s not part of Gamstop and would not be liable to game loss limits. Also, the gambling industry is worth £14.4 billion as of the beginning of 2019; the government wouldn’t get rid of it easily and continue to strive despite various clampdowns.

Is the New Proposal, The Only Solution?

Several reviews say the new regulation was for good intent, that the UK gambling industry might be over spilling. From statistics, the rate at which people risk money from their average income in casinos is alarming. Hence, the proposal is to curb irresponsible gambling, money loss, and bankruptcy. These negative effects of gambling can spur into worse things and increase the crime rate in the country. But a limit on money loss for a month might not necessarily be the solution.

There have been reasonable and practical alternatives to go well with this supposed good intent from the reviews and criticisms. If the UK Gambling Commission considers some of the suggestions before approving the proposals, there might be a change for the better.

sachin
He is a Blogger, Tech Geek, SEO Expert, and Designer. Loves to buy books online, read and write about Technology, Gadgets and Gaming. you can connect with him on Facebook | Twitter

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