The United Kingdom is among the largest regulated gambling markets in the world. UK has a GDP of around 2.27 trillion British pounds and 3.68 billion comes from the gambling industry. Moreover, the industry adds £7.1bn in gross value to the economy, which is a significant contribution.
Online gambling has been in the UK for decades and this is an extremely relevant market for iGaming companies. In fact, it can be difficult to choose operators due to the sheer volume of choices. Luckily, you can find new casino sites rated by the Wageringadvisors.co.uk, which is a trusted reviewer in multiple geographies. Here you get to find out which operators are fully vetted and regulated by the UKGC, and you can read full reviews to learn about other relevant features. Here we will talk about the gambling industry in the United Kingdom, and how countries like Poland can use it as an example.
Positive Impact of the Gambling Industry
Nobody denies that gambling can cause problems for individuals and families. Every country that regulates gambling takes these issues seriously and is actively working on preventing these problems. The UK regulators have multiple systems in place that anyone can use.
● Reality check tools
● Spending limits
● Help centers
● Rigorous fees for operators who violate responsible gambling regulations
Every year the regulatory framework improves. There are new adjustments to what’s allowed, and there are new investments in responsible gambling tools.
It’s important to state this because there are multiple benefits to having a well-regulated gambling industry. Online casinos have contributed to the UK in more ways than one.
● Generating new career opportunities – Software developers, live dealers/streamers, customer support representatives, accountants, financial specialists, and digital marketers.
● Contributions through taxes – Gambling companies are heavily taxed. The tax revenue goes to improve local infrastructure, education, healthcare, and social welfare programs.
● Tech development – Many companies work on or fine-tune predictive algorithms that help improve user experience. They often create dedicated apps that provide a better experience for mobile users. One example would be Odibets that’s available on both App Store and Google Play. Here the developers have created both robust and easy-to-navigate user manual for sports betting fans. There is also the development of data analysis software which is used in multiple industries.
● Improving the real-estate sector – In order for online casinos to operate in the UK they need to have physical offices there. So they need to purchase or rent office space.
Gambling Industry in Poland
The gambling sector in Poland is performing decently. There are multiple companies that produce and export software and hardware for game machines. That being said, they aren’t exactly competing with the top developers. The Gambling Act in Poland is more strict, and it gives the government a monopoly over providing online casino games. There are foreign companies that offer sports betting services, and they need to obtain Polish licenses. However, the licensing process can take up to a whole year.
In a way, this strict regulation aims to discourage foreign companies from offering their services in Poland. Moreover, it would seem that gambling products are mainly viewed as exports rather than entertainment for domestic consumption. This can help reduce potential gambling issues, but it also stymies further economic growth.
Of course, there are other factors that need to be considered as well. The main argument for embracing the iGaming industry is employment opportunities. Right now, Poland is one of the EU countries with the lowest unemployment rate (under 3%). So, one could argue that opening up the market to foreign operators wouldn’t exactly address burning issues.
How Would Poland Benefit from Following the Example of the UK
When there are more businesses competing in the market the products become better, at least in theory. If more online casinos are trying to attract users they are likely to come up with better incentives. This would make gambling cheaper, especially for casual players.
We have seen that the UK economy grows thanks to high taxes for these businesses. This is one of the reasons why the minimum wage is increasing, and why citizens can have more disposable income. With better financial situation people are less likely to experience potential harms that can result from gambling.
Many argue that online casinos can harm the profitability of land-based gaming hubs. It’s easy to agree with this statement, but at the same time, it’s not entirely true. The data suggests that places with strong iGaming sectors, simply have more casual gamblers. This means people who wouldn’t have tried games of luck get more encouraged to do so. It’s because the online setting is more private, and it doesn’t provide an identical experience to the land-based casinos. With more fans of gambling, the brick-and-mortar business will also perform better.
To sum up, a country needs a strong regulatory infrastructure to make online gambling work. Luckily, there are many examples of governments that are doing things right, and that continue to improve. People who want to gamble online find the way and even turn to illegal sites. By regulating online gambling you give citizens more safe options.