Connect with us

Hi, what are you looking for?

Investing

New requirements for online gambling in the UK | Slot betting caps

online slots

If you’ve been keeping up, you will know that the UK has already made some changes in regard to online gambling in the past couple of years.

The use of credit cards in online casinos has been banned, the verification requirements have become a lot more strict, and some other regulations have come into place. Now we are seeing some new laws that will affect the gambling online experience for anyone residing in, or traveling to the UK.

The UK is fairly lenient when it comes to online gambling. The legal age for igambling is 18, and there are many casino sites that are available to UK players. However, due to some issues regarding fraud and gambling addiction, some new regulations were proposed, and are now being set into place. Of course, that is upsetting to many online casino lovers, as the new laws are putting a cap on some bonuses, and online casino VIP programs. So what are these regulations, and how will they affect online slot gambling for UK players?

New proposed online gambling regulations

There are numerous laws and regulations that were proposed earlier in 2020. However, not much has moved due to the pandemic, and it looks like the changes will be implemented at the beginning of 2021. So if you’re reading this before the New Years – enjoy your last few weeks of gambling online without losing some perks. Do note that laws typically take a while to come into effect, so you may have some time to bask in freedom. That being said, we can’t tell you the exact dates of when the new regulations will take place, but we will tell you what’s currently cooking, and what laws have already come into place.

Forget about gambling online with credit cards, as this opportunity was completely banned in April 2020 due to continuous fraud, heavy gambling addictions, and the increase of financial struggles due to overspending. This may be a good thing because it’s incredibly easy to spend money that you don’t have and end up in heavy debt.

Forget about high betting on slots. The betting stake limit in FOBTs has been reduced from £100 to £2 in April 2020. And unhappy as some players may be about this, it seems to be a pretty reasonable change as betting £100 per game is sort of insane. For those feeling “lucky” and betting such high numbers 5 times in a row may result in some sad, withering wallets. Now, we don’t know for sure – but there are some talks about putting similar caps on online gambling bets. Nothing is for certain, as we don’t know what the reduction will be, or when this law will kick in.

Here is what we do know:

Most slots only allow you to bet anywhere from .5-2.00 per spin. But certain ones allow you to bet as much as £200 per spin, and that’s extremely high. You spin 3 times at the maximum bet, and you’re already £600 short if you don’t win. Sure, the jackpots and the payouts may be mind-blowing, but what are the chances you will actually win more money than you spend?

This is the very reason why there is a betting cap being proposed because any sane person can agree that such risk is absurd, and for those who aren’t living a lavished life, these sort of stupid bets can result in debt, homelessness, mental issues, as well a bouquet of addictions.

So now there is some talk about capping the betting amount at £2, which is significantly smaller. As we already mentioned, this is not yet imposed on online casino providers, but more than likely it will happen in the early stages of 2021. There also may be a limit for how much you can bet on a slot per day, which we believe will be £100 every 24 hours.

Let’s discuss this online slot betting cap proposal

As you can imagine, this new proposed law is rather upsetting to both players as well as online casino operators. Understandably so, as players won’t be able to take as big of risks that make gambling as exciting as it is. And operators will lose a good chunk of money since the bets are considerably lower. Not to mention, the bonuses that attract casino lovers will slowly wither and become much less thrilling. If you’re a fan of online casinos, this may send you into a whirlwind of mixed emotions as well. Let’s reason, and put all the pros and cons into perspective. That way it will be easier to decide whether this decision is rational and moral in the grand scheme of things.

Pros

-This cap may reduce debt potential for players
-Those addicted to gambling on slots will not be able to go as crazy when making bets
-Reduction in crime due to gambling issues and losses
-May deter some from gambling whatsoever
-This may make short term betting more beneficial
-Will prevent new players from overspending before they get a feel for the slot
-Easy to recover the previous losses

Con

-Those who can freely afford to make big bets will be restricted
-Bonuses and promotions for slots will be reduced
-VIP Programs won’t offer as many perks for slots
-Playing slots will be a lot less exciting
-May result in some online casinos shutting down
-Slots will have smaller Jackpots
-Players may resort to offshore casino sites, leaving UK gambling sites high and dry
-This may increase illegal online gambling in the UK
-Players will play more frequently
-Slots may have time limits
-A good chunk of 3 billion in tax will be lost
-Many online casino workers will lose jobs
-Reduced deposit matches for players
-High wagering requirements will be implemented
-Casinos may limit the number of slots you can play at a time

Conclusion

It looks like there are a whole lot more cons than pros in regards to the issue, however, the weight of each advantage easily outweighs all of the disadvantages put together. Sure, it may be unpleasant to have such restrictions, but it will benefit those who cannot handle responsible gambling.

And if you’re not one to carelessly wager insane amounts of money, know that this may very well improve, and even save the lives of your fellow players. Online gambling addiction is a serious thing, and financial struggle may lead to very unpleasant aftermaths.

However, if you intend on playing online casino slots regardless of the proposed laws, make sure you do it on the right sites. Casinority.com will direct you to the top UK online casinos that are 100% secure. And once this law passes, Casinority experts will guide you to the online casino sites that have the best bonuses for UK players that comply with the new regulations.

Read more:
New requirements for online gambling in the UK | Slot betting caps

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

About 10% of Poundland products are no longer priced at £1, the discount retailer has said. Poundland moved away from pricing everything at £1...

Investing

The BT-owned mobile operator EE is to start charging UK customers to use their phones in Europe, having previously said it had no plans...

Investing

Government plans to restrict junk food advertising on television and online have been criticised by campaigners who say they contain too many exemptions to...

Investing

Deliveroo scored a fresh victory in the legal fight for its riders to be recognised as self-employed yesterday when the Court of Appeal ruled...

Investing

Foreign holidays in the Balearic islands, Malta and Madeira were given the go-ahead last night despite threats from the European Union to close the...

Economy

StackLeague is the country’s 1st year-round competitive programming league launched last March 16 and now with over 3,000 programmers in the league. This pioneering...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!