Exit from the EU affects all spheres in the United Kingdom and the gambling industry is not an exception. Gamblers are worried about the consequences they can face while betting and playing casino games on the Internet. What changes shall they expect in online gambling after Brexit?
As you know, the majority of the population in the United Kingdom voted for leaving the European Union four years ago. The decision about Brexit came into force on January 31, 2020, and the country is expected to agree about new terms of trade and cooperation by 2021.
Considering all this, gamblers are worried about the new rules in online gambling after the UK’s withdrawal from the EU. Following online gambling news & updates in 2020, playing casino games and sports betting will face some changes. To learn more about them, read our article that includes the main predictions.
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Regulations in online gambling after Brexit
Minimal changes are going to appear regarding the regulations and licensing of the UK gambling sites. Fortunately for the UK citizens, the country has always been somewhat independent of the European Union. Therefore, the main terms regarding online gambling within the country remain the same.
However, Brexit can affect betting on sports and playing casino games in other countries. Before Brexit, UK residents could gamble at European casino sites with just a few restrictions; the situation will change in 2021. The EU may become stricter regarding gamblers from the UK, so they will have to focus on local gambling sites. On the one hand, it is not bad as it encourages the gambling industry to develop. However, improving and diversifying British gambling sites will take some time.
Changes in taxation
Latest news on online casinos states that the taxation policy will change in online gambling after Brexit. Most head offices of both British and European gambling companies are located in Gibraltar. One of the main reasons for this was an attractive taxation rate, which is lower in Gibraltar than in other countries. However, Brexit can affect it significantly in 2021.
Despite Gibraltar’s decision to stay with the UK, Brexit can still bring along some troubles. The thing is that the majority of gambling employees come from Spain to Gibraltar every day. Once borders with the UK territory close down, gambling companies have to look for other locations to move their head offices. This will cause an increase in taxation.
The UK’s decision can affect gambling in other countries
Finally, the UK’s decision to leave the European Union can lead to potential other exits. If others will follow the steps of the United Kingdom, it will lead to the appearance of separate legislation and licensing for each country. It will not affect the UK directly, but it will result in changes in online gambling after Brexit in Europe.
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