United Kingdom-based newspaper The Guardian recently released a report that the British Culture Secretary wants to make additions to the upcoming renovations of the online gambling laws. The new focus will be on the regulation of overseas online casinos that target United Kingdom players. This new attention is a direct result of Black Friday which is the indictment of the three largest online poker rooms in the United States: Full Tilt Poker, Absolute Poker, and PokerStars.
Advertising In The United Kingdom
In addition to being two of the largest online poker rooms in the United States, Full Tilt Poker and PokerStars are also the most popular in the United Kingdom. In recent years both operators have spent millions of dollars to advertise their services to British players. Full Tilt Poker is currently licensed by Alderney and PokerStars by the Isle of Man, two popular jurisdictions amongst many of the United Kingdom gambling sites.
PokerStars is now refunding United States-based players while continuing to operate in other areas of the world. Unfortunately, Full Tilt Poker is unable to repay United States players which have resulting in a great deal of controversy. At the moment, the company is looking for new owners and partners.
Making Money From Overseas Advertisers
The Secretary of British Culture will be spearheading the reform effort. The Minister of the United Kingdom is attempting to ensure the Exchequer receives a cut from online gambling efforts. As a result, new advertising restrictions for offshore casinos and new guidelines to protect British players are under review.
The Current Gambling Act
The current Gambling Act allows offshore online gambling companies to advertise and operate without a United Kingdom license assuming their jurisdiction is on the white list. The majority of jurisdictions are in the European Union. Therefore the United Kingdom Gambling Commission relies on the integrity of approved overseas regulatory bodies.
The Isle Of Man Licensure Requirement
One of the most trustworthy regulators is the Isle of Man. The Isle of Man Gambling Supervision Commission thoroughly reviews every key official at an online gambling company. The jurisdiction also has the authority to reject any company it does not feel comfortable with approving. As a result, the Isle of Man has one of the most stringent licensing requirements in the industry.
United Kingdom officials will be making announcements regarding the changes soon. Depending on what new additions are made, this could significantly affect the country’s online gambling industry.