Online betting is becoming a highly lucrative industry but there is a lot of shady content on the internet. Therefore, a player needs to always double-check if the website has a betting license which means that it has been properly regulated. Online betting included mobile betting apps hasn’t been regulated the same throughout the world but the UK is one of the most regulated sectors worldwide.
The UK Regulations
The Gambling Commission is responsible for the constant checking of all known and new websites in the UK. In 2005, the UK introduced the Gambling Act that still remains as the main betting law in the UK. In 2007, the UK formed the Gambling Commission and made it in charge of the UK gambling sector regulations including land-based casinos, online gambling companies as well as the bookmakers.
The regulatory body provides licenses under a certain set of rules that need to be met. They also give fines and take licenses away if rules are ignored.
License a Necessity
If an online operator wants to enter the UK market they have to obtain a license according to UK regulations. It doesn’t matter if the company is located in Africa, Asia or wherever. All operators have to provide separate bank accounts for their players and themselves. Additionally, they must ensure the fairness of betting meaning that they have to provide normal odds and not some crazy odds.
In order to obtain a gambling license, operators need to pass a very long-lasting and thorough process but the story doesn’t end when they obtain a license. The Gambling Commission regularly does audits on already licensed operators. The audits are mainly annual but they also have the right of a surprise audit should a website be suspicious.
Additionally, another rule is set forth to further regulate the market. Individual fines are applicable to sector heads in a company. Therefore, if a part of the website doesn’t operate as needed, the company might not get fined if the head of that sector was the one doing the shady or just bad work. This increases the stress on employees not to lose their jobs and licenses.