Ins and Outs of UK Gambling regulation
Choosing a legitimate online casino is never an easy task. You may certainly get lucky and make a right pick from your very first try, yet most of all we all want to get lucky when playing. This is why one needs to know all of the details about the casino regulation before signing up and depositing his money. Today we are going to take a look at one of the most legitimate online gambling regulators in Europe – The United Kingdom Gambling Commission and its main features when it comes to licensing of the online casino operators.
What is The United Kingdom Gambling Commission?
United Kingdom Gambling Commission (UKGC) is a part of the government of the United Kingdom and is responsible for overseeing gambling companies and developing gambling laws throughout the Great Britain. Essentially, all of the activities that fall under “gambling” category are the responsibility of the UKGC with one exception. Spread betting, also known as tax-free Forex and CFDs trading, is not supervised by the UKGC. This activity is monitored by the Financial Conduct Authority aka FCA (previously FSA). As of 2013, the UKGC has started regulating the National Lottery.
What does UKGC do?
There are a few key points that the activities of UKGC cover. First of all, the commission suppose to assure that all of the gambling activities on the territory of the Great Britain are conducted in a fair and honest manner. It is a core task of the UKGC to oversee the way operators conduct their activities and resolve all of the disputes that arise.
In addition to this, it is clear that gambling is not suitable for everyone. In fact, some people are very likely to develop an addiction. Hence, UKGC has to make sure that the gambling activities are not promoted to improper audience.
As UKGC strives to make the gambling legal, it is also responsible for the licensing process. This includes receiving and working out the applications, issuing licenses and revoking licenses. The licensing is the main revenue driver for the UKGC as the fees are quite high for the operators. For example, a remote casino operator with the annual gross gambling yield of 25M GBP – 100M GBP will fall into I1 category and will have to pay an annual fee of 35,541 GBP per annum. The application fee for this category is set at 14,896 GBP.
Next to this, any company that is located outside of the Great Britain and that wants to advertise to the UK customers is required to obtain a separate license from the UKGC.
Is UKGC safe?
While there organisation has received some criticism due to its failure to properly oversee some of the licensed operators, until now there has not been a vast number of scams and frauds by the UKGC licensed betting and casino companies. Hence, it seems like one of the most reputable European regulators and opting out for a UKGC licensed operator is certainly a wise choice.