UK Legislators Look To Enforce £2 Limit On Online Gambling
The UK government decided to enforce limits on fixed odds betting terminals (FOBTs) and cap the max bet at £2. However, no limits were imposed on online gambling transactions at the time. Now, top UK legislators are pushing for the UK government to make changes to gambling regulations and also enforce a £2 limit on online gambling transactions.
Limit Online Gambling Transactions To £2
Anti-gambling opponents are calling for the UK government to treat the online gambling industry in the same way that FOBTs were treated. Over 100 members of parliament (MPs), 18 bishops and Iain Duncan Smith, former Tory leader have backed the push to get gambling laws changed so that a £2 limit is imposed on online gambling transactions.
The group says that more than 55,000 children between 11 and 16 in the UK are problem gamblers. They also took take from Public Health England and said that gambling addiction is causing huge problems in the family and society in general. The group claims that if the Government does not act quickly, these numbers are going to rise and cause a significant public health concern in the UK.
The group highlighted the fact that the social and economic cost of gambling in the UK is around £1.27 billion. The online gambling industry in the UK continues to thrive, especially after COVID-19. One of the ways the UK can reduce the social and economic cost of gambling is to reduce the bet amount of online gambling transactions.
If the UK government does give in and impose a £2 limit on online gambling transactions, players will be limited to spending less than £100 per month. The proposal also calls for licensed iGaming operators to impose strict protocols to always to ensure that their players are not spending more than what they can afford.
Licensed iGaming Operators Concerned
Licensed iGaming operators are concerned with this new push to limit online gambling transactions to £2 limit. If the government does move forward with this proposal, it will significantly reduce their gross gaming revenues (GGR).
iGaming operators don’t think this proposal is beneficial to players as by limiting their online gambling spend at licensed casinos, many players will now be forced to register and play at unlicensed sites and be exposed to more risk.
The UK Gambling Commission (UKGC) recently published a report which showed that problem gambling numbers in the country are on the decline. The moderate risk rate for problem gamblers has dropped by more than 50 percent, falling from 1.4 percent in June 2020 to 0.7 percent in June 2021.