Reforms In Online Gambling In UK
There shall be major reforms to UK's online gambling industry. The reforms were announced by UK heritage minister, John Penrose.
The UK government will crack down on offshore betting or online gambling which means that all bookmakers and gambling operators whether or not they are based in UK or not will need to be licensed by the Gambling Commission.
According to Penrose, the new laws would mean that anyone who wanted to sell gambling services or online gambling to any consumer in the UK will need a Gambling Commission license. It is slated to be a move to fix the problem of online gambling and offshore betting. There are high taxes and levies imposed on UK gambling groups and that is a reason why many bookmakers such as William Hill and Madbrokes moved offshore to Gibraltar.
The move to make online gambling and offshore betting licensed is to ensure that all gambling in the UK pays UK tax and levy. This licensing system will still take time to come up since it requires changes in legislation which will take time up to 2013 or 2014. As of now there is no timescale for the proposals and the changes to the taxation laws thereof.