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Social Market Foundation suggest regulatory changes in the UK

By Gavin Dank - Contributor
1 year ago

The British leading cross-party think-tank, Social Market Foundation (SMF), has announced a comprehensive new framework for gambling regulation and suggested that all offshore gambling companies should be required to have a base in the UK to prevent losses of hundreds of millions in taxes.

The SMF also mentions that forcing casinos and bookmakers to open local offices would not only make the entire monitoring and regulating process easier, but provide new jobs as well. According to their report, over 50% of the remote gambling companies operating in the United Kingdom are based in Gibraltar.

“Gambling taxation should be redesigned around a system of incentives which reflect a company’s level of onshore presence,” said SMF in a statement. “This means that operators could still decide to base their headquarters in locations like Gibraltar, the Isle of Man or Alderney, but that decision would carry significant tax implications.”

Another interesting thing their report points out is the fact of how offshore brands can advertise in the UK, even without having a local license. The group states how this gives companies a chance to operate “at the fringes” of regulation. They also insist on a £100-a-month spending cap for customers, and strict affordability checks by an independent gambling ombudsman for those who want to spend more.