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Online Casinos and Sportsbooks asked to impose a betting cap of £50 per day

24-03-2020

As a huge portion of the UK population begins its first day of quarantine following Boris Johnson’s strict new announcements, MPs have asked gambling firms to introduce a temporary betting cap of £50 a day during the COVID-19 lock-down period. The online gambling industry continues to expand as more and more of the UK population becomes interested in playing casino games online. However, due to the intense competition in the industry, the slice of the pie is shrinking. New casino sites have a difficult time gaining market share whilst industry leaders are struggling to expand within certain markets. The Coronavirus (COVID-19) has forced professional sports leagues across the world to bring a halt to their seasons. Consequences of this have been felt heavily by sports betting companies who profit from sports betting. With professional sports leagues closed down they have lost over 90% of their revenues. It is for this reason why sports books have chosen to instead offer odds on events they would usually never touch.

Sportsbooks have had to look to unlikely places to offer odds

As this article in The Guardian reports, A Spanish man set up an international online tournament for players of the FIFA video game before sports betting sites began offering odds on the games in the tournament. The Spanish tournament organiser urged them to stop offering odds on the games. Gambling companies that are reliant on major sporting events have seen their shares plummet ever since COVID-19 was declared a pandemic and professional sports around the world were halted. For online casinos operating in the UK, it is expected to be business as usual. However, MPs in a cross-party group have asked the Betting and Gaming Council to pressure the online gambling industry to self-impose a daily limit of £50 on all customer accounts due to the number of people who will now be confined to their homes due to the government lockdown.

COVID-19 Lockdown

The Coronavirus pandemic has brought the world to a standstill. With this, large amount of the world’s population has been told to self-isolate in-doors. British MPs are of the opinion that extended time spent in-doors, sports gamblers, without a sport to bet on, will turn to online gambling as a distraction. This is why these same MPs would like online casinos to impose betting caps on their players. On the other hand, the teams behind a number of UK casinos online are working together with their partners in order to raise money for pandemic charities.

The Future for the gambling industry following the Google ads gold rush

2020 ushered in a great period for the gambling industry as Google paved the way to allow licensed online casinos to apply for Google AdWords. Google AdWords allow websites to buy their way to the top of rankings for certain keywords. Google have ensured and highlighted their intentions many times that they will play by the rules and pay close to attention to regulation in all countries. The USA online gambling market for example is extremely unpredictable because of the often-inconsistent legislation and laws between the different US state. Google must take into account the laws of individual states when they advertise websites within the gambling industry on the first page of their search results.

But whatever happens, these are testing times for the online gambling industry. With so many regulation changes throughout the UK, USA and Europe it is hard to predict what is next for the industry.




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