Impact of Brexit on the Online Gambling Industry
People in Great Britain voted for an exit of the country from the European Union in a referendum on 23rd June, 2016. A year later there is still uncertainty about the consequences from this Brexit. Some people applaud the idea of Brexit, others stay worried about the impact this will cause. There are big worries about the impact Brexit will have on the online gambling industry.
Online Gambling in the United Kingdom
We can say that the birthplace of online gambling is the UK. It's actually here that Microgaming started the first completely functional online gambling site. This happened in 1994. Many people believe that it's the place where online gambling turned into a successful and famous industry.
Some of the world biggest gaming companies are based in the UK. For example, Paddy Power Betfair, Bet365, William Hill and many others are settled in the UK.
A study done in 2016 shows that online gambling is one of the largest sectors in Great Britain
In 2015 the state income from online gambling was more than £3.6 billion.
Regarding Brexit, there are two options that may happen. From one hand legislators and businesses might have to adjust their systems and law organization. Suitable amendments may be implemented in the rules and regulations.
From the other hand, a clean break could happen leading to global uncertainty and eventual disaster. Legislators and businessmen would have not enough time to plan what should be their next steps.
What is happening now?
It is clear that there is a complete uncertainty in connection with Brexit. British Gambling Industry should find different options and ensure the bases for sureness in this area, no matter what the outcome might be.
Nowadays online gambling has grown rapidly and the industry has been booming. For the optimists Brexit is a new alternative filled with loads of opportunities and the pessimists think that this is the end of the British gambling industry.
Legislators and businessmen should be realistic and work hard to create a strategy for the best outcome.