New Gambling laws in the UK to be released in stages

The United Kingdom Gambling Commission released the first round of new laws that have been made to the License Conditions and Codes of Practice (LLCP) which is designed to govern operators of licensed gaming sites. The Gambling Commission modification of the codes will be released in three parts in order to allow for appropriate time for operators to make adjustments to their operations and to be compliant with the new laws. The first round of changes will take effect on the 1st of August.

The first part to the new law states that non-remote operators and remote operators will have to submit a monthly report on the income they have generated. The second state of changes will relate to new protection laws to protect customer funds. This is expected to see it law that each operator will have separate accounts to hold player funds separate to other business accounts.

The final change to the amended laws governs remote operators. This will require that each remote operator display their licenses, gambling software and company name on their website. This is designed to allow for customers to have more information about those operating the company should they have discrepancies of any kind.

The United Kingdom has chosen to make these changes after various countries throughout Europe undertook the task of regulating online gambling within their borders. The result of stricter regulation is meant as a protection for all those involve, both operators and players. It will also allow for greater tax revenues each year. The added taxes are expected to be appropriated towards school programs, health care and more. The full changes will take effect by the end of the year.

April 14, 2014: • No Comments

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