How Will ‘Brexit’ Affect Online Gambling?
You might think that there is a lot of money to be had in the US in terms of gambling, in general. That is because of Las Vegas and the fact that there are a number of huge casinos that operate in the said area.
But truth be told, it is not actually the US that provides the most bang for the buck; it is actually the UK. In fact, according to a number of surveys, the UK always tops the list of the most profitable casinos ever in the world. That is because most of the people that go to the casinos- whether they go to a live casino or online- are the spending bunch who are not afraid to spend some cash for gambling purposes.
But, a couple of years back, the world was shocked by Britain’s exit from the European Union. Famously known as the ‘Brexit’, it affects many facets of the economy, include that of online gambling. How will this exit from the union affect things from the gambling perspective? Read on to find out.
Collective Worry About Gaming Sites Being Operated Overseas
Brexit can affect the gambling industry in so many ways. In fact, Gibraltar has been on the news lately simply because it is one of the prime locations in terms of online gambling in the world.
The place employs 3,400+ workers and the industry, as a whole, could be affected in a negative way- which is why they are against entire Britain exiting the union.
If the nearby countries would close down their borders for the online gambling industry, the employees of the said industry could feel the effects almost immediately.
You might see online gambling sites shut down as there will be no more workers that will mind the pages. Even if the sites will not close down shop permanently, it would still take quite some time to relocate elsewhere.
It Doesn’t Bode Well for the Entire Industry
The entire notion doesn’t bode well for the entire online gambling industry, simply because it will be harder to get workers from different parts of the world to work in such institutions.
This can be a huge problem because online gambling is quite a large industry. In fact, it provides a lot of casino games to the masses such as roulette, poker, bingo, slots, and many more. Despite the fact that people can play such games with the use of their computers, online gambling institutions are still responsible for the welfare of their clients which is why they always put a disclaimer to play casino games online responsibly.
Changes in Taxation Could Cut Profits by A Lot
By default, UK’s tax laws are already quite stringent which is why many gambling institutions would operate off-shore just to circumvent this. But, Brexit threatens this to the point that the casino owners would have to pay copious taxes just for them to operate in the land.
If profits will be hit substantially, this may result in downsizing and cutting off jobs just to compensate- which doesn’t bode well for the casino owners and employees alike.