Brexit’s Possible Effects on Online Gamblers

Make no mistake about it – there is absolutely no shortage of British bookmakers and online casinos, so the UK will be fine as far as options go once the realities of Brexit come into effect. There are indeed some of those gamblers for whom the online betting world makes for something that’s a bit more significant to their lives than just placing the occasional bet and just having a bit of fun though, like pro gamblers and semi-pros.

So in our exploration of the possible effects of Brexit on online gamblers, it’s perhaps more a lesson in economics and the financial sector than it is a lesson in the effects on the online gambling industry itself.

Knock-on regulatory effects

Perhaps the most obvious impending change will be that which is brought about by the need for updated regulations, because if the UK is no longer part of the EU then that means it would need to be handled differently when it comes to dynamics such as the laws which apply across sovereign jurisdictions. For instance, since the EU trading block of nations generally operated in a manner which had them agreeing to implement resolutions across the board in a swift manner (no pun intended on the “SWIFT”), now it would come with a little bit of extra red-tape for the UK to be on the same level as the mainland EU countries.

It’s really not as bad as it sounds, indicatively, because as current online gamblers know, online betting platforms such as casinos and sportsbooks always find a way to make the patronage of their customers as easy as possible. For instance, in some countries outside of Europe, such as the USA, South Africa and quite a few others, online gambling is supposedly strictly prohibited, but gamers from those countries in a sense work the system together with the online betting platforms to find “loopholes” that effectively allow them to enjoy their online betting opportunities.

Some of the technicalities in action

So in action, these regulatory adjustments would pretty much just result in re-adjustments to make sure players from continental Europe can play on UK based casinos just as easily as UK citizens and residents can continue enjoying gaming on EU based online betting platforms. In practice this might just mean having to choose from what would be a slightly limited selection of account funding and winnings withdrawal methods, like using Skrill, PayPal, major credit cards (MasterCard and VISA), etc, instead of perhaps funding your account directly from your bank account.

An online casino platform such as that featured on star-vegas.lv makes for the perfect example of how existing regulations have been navigated already, because this particular platform is open to gamers from many different countries, but its Latvian domain extension doesn’t have much to do with any registration in that particular country. It’s licensed in Italy and Spain, but that doesn’t stop the determined gambler from pretty much anywhere in the world from accessing the platform, enjoying the hefty signup bonus and withdrawing any winnings they amass!

Colin Shaw

Colin has been in the finance market for over 20 years and specialises in best business practice to make an organisation profitable. The only man for the job when it comes to numbers and accounts with a keen talent for simplifying finance for the wider market.
Colin Shaw
Share Button

Written by Colin Shaw

Colin has been in the finance market for over 20 years and specialises in best business practice to make an organisation profitable. The only man for the job when it comes to numbers and accounts with a keen talent for simplifying finance for the wider market.