In the UK many choose to take trips to local casinos at the weekend or even sign up to an online casino, although these acts may be disapproved by some they can actually help boost the economy. Whether your online game of choice is blackjack, roulette, poker or playing on slot machines it all helps generate money into the UK economy. Few people are able to master any casino game and if you are left in awe of your live dealer’s card shuffling or their card tricks there is any easy way to combat that, research and practice. Being an expert at any casino game takes time, patience and sometimes just sheer luck, that is why only a few make some big winnings at games like blackjack and poker, but for those who have lost don’t feel too bad as the money that has been lost actually goes back into boosting the economy.
Casinos each year make millions but what you probably didn’t know is that they also contribute over a billion each year, and last year contributed £2.3 billion towards the UK GDP and that figure is only set to continue to grow and help the economy in the future. The gambling industry surprisingly makes one of the biggest contributions to the economy and supports well over 80,000 jobs across the UK, for those who disapprove of the worldly popular pastime may have to reconsider as there are actually positives to online casinos and the gambling industry.
The Gambling Act that was established in 2005 was designed to create a modern gaming industry in Britain which was capable of making a positive contribution to the development of the economy and job creation. The act of course did this and is still characterised by policies of taxation and regulation, which is always being updated with a new regulation with the most recent being aimed at online casinos. In 2014 casinos saw new gambling regulations enforced which meant online casinos were required to pay a 15 per cent point of consumption tax and apply for a license from the Gambling commission.
In order for the variety of online casinos’ application to be approved the majority only had to make adjustments to their websites however some had to develop a new brand entirely. Based on research from The Remote Gaming Association, has suggested a tax rate higher than 10 per cent makes a significate increase in the cost of the operating British Market as well as the UK which is why so many companies in the gambling industry can now benefit from re-evaluating their position and brand. The new regulations and tax are rumoured to have an immediate effect for UK players as many companies who operate in the UK will most likely choose to increase the costs for their customers, but it all goes towards boosting the economy.
Both France and Spain since the introduction of the new regulation have noticed the increase of unlicensed and unregulated sites yet other countries have been able to successfully enforce the regulation and the UK is set for the regulation to be a positive outcome. If there were to be any additional regulations for casinos and online casinos in the future they will only boost the UK’s economy further. It will not always be plain sailing as the gambling industry is still the only market in the UK which pays more towards tax than they do generate profit, yet even with the tax the industry still makes profits worth millions and the gambling industry currently contributes £1 billion to the UK’s economy which is only predicted to grow in the future.