The United Kingdom gambling industry faces growing concern over the amounts wagered at unlicensed sites. A new study reveals that 1.5 million players are spending a total of £4.3 billion a year on these sites.
Frontier Economics carried out the study under a commission from the BGC or Betting and Gaming Council. The findings raise concerns for players using unlicensed sites and for licensed online gambling websites regulated by the UK Gambling Commission (UKGC) and British Gambler. For the UK Government, it is also a concern. No action is necessary to reduce this figure.
It is crucial for a gambling site to be licensed and regulated, as this ensures a higher level of customer protection for gamblers. If any issues arise with these sites, players can file a complaint with the UKGC, which will investigate the matter. UKGC will take action and have done so against numerous sites if they feel there are problems. This includes ordering companies to reach regulatory settlements.
Gambling sites operating on the black market present a different scenario. Their lack of licensing means they are unregulated. They do not have anyone to answer to and therefore the level of customer protection is considerably lower.
Gambling companies are facing a situation where they are losing revenue. Whether it be on casino games or sports events, people are placing wagers. However, it is not heading in their direction.
The UK Government needs to be concerned too. They have received a significant amount of tax revenue from the licensed gambling industry.
