The United Kingdom is the birthplace of Microgaming, the first perfectly functioning online gambling site launched in 1994. It’s also home to a number of major online gambling companies. In 2015, the United Kingdom alone is predicted to have earned more than £3,6 billion. This number has only grown in recent years, but things are beginning to change with the UK’s exit from the EU.
Brexit and Its Effects
The British exit from the European Union is known as Brexit. The UK officially departed the EU on December 31, 2020, after a long and complicated four-year transition phase.
Many people believed that the UK was getting the short end of the stick in the EU since it gave more than it received. Those against the exit believed that leaving the EU would damage the UK’s international standing.
Brexit had a detrimental impact on the UK economy, with economic growth taking the biggest damage. After the referendum, the British pound also lost value, falling from $1.48 to $1.36 the next day.
The Effects of Brexit on the Gambling Industry
Unlike many other industries in the UK, the gaming industry has never been regulated centrally by the EU. As a result, Brexit is unlikely to have a significant regulatory impact on online casinos and sportsbooks – as gambling firms must obtain a license from the UK Gambling Commission. So UK’s online casinos won’t be too troubled by this. What would be difficult is for businesses to open offices in either the EU or the UK to continue offering their services unrestrictedly.
However, from the perspective of the customer, not much will change right away. Regardless of Brexit, more experienced players can continue to play at their favorite European online casinos. We have selected top EU casinos that accept UK players for you so you can dive into the unexplored territory of non-British online gambling. You won’t have to wander around asking whether you can play in this platform or that one, as you can have it all in one place.
EU gamblers who place bets with UK-based organizations will continue to be protected by their respective national gaming regulations and the EU judicial system. However, if a UK company intends to operate in the EU market, it must still follow all applicable EU regulations and procedures.
New Changes
Technological advancements have allowed the online casino sector to undergo significant changes. Mobile devices, AR and VR technology, and even artificial intelligence have made casino games more accessible than ever to a wider audience.
Because everyone has a cell phone nowadays, the gambling business has created online casino games that are optimized for mobile devices, allowing them to reach a much wider audience.
AR/VR technology allows customers to have an online gambling experience that is very similar to real life. Players can now play their favorite game online from the comfort of their homes.
Artificial intelligence, or AI, is now used for customer service in several online casinos. The AI can instantly answer inquiries and handle problems for users, effectively replacing traditional customer service. Apart from chatbots, AI is frequently utilized when a person prefers to play versus the computer rather than against other people. In some ways, AI may be the future of online gaming.
Online Casinos Today and In the Future
Since the first online casino debuted in 1994, the sector has seen a phenomenal surge in popularity that continues to increase as time passes. The gambling industry in the United Kingdom is already worth more than £14 billion, and it is growing at a rapid pace.
In the United Kingdom, online gambling is extremely popular, with more than 45 percent of the population has gambled at some point in their lives. That’s a population of more than 25 million people. Over 10 million of them exclusively bet online, on games such as roulette, poker, slots, and bingo, one of the most popular games in the UK.
The industry is set to become even more valuable and widespread than it has been in the past, ensuring a bright future for the sector. Despite the fact that Brexit has caused chaos, loyal gamblers are untouched, and the UK gambling industry remains unaffected.
Conclusion
While Brexit may have a significant impact on many UK companies, it will have no effect on the online gambling industry. It will continue to expand in tandem with technological advancements, resulting in one of the world’s largest industries for both fun and profit. Give it a few more years and it will become ingrained in our daily life.