Latest News
Social Market Foundation Proposes £100-a-month Spending Cap on Online Gambling
The Social Market Foundation (SMF) has released a new report into online gambling, with the main recommendation being that a £100-a-month spending cap should be implemented.
SMF, a cross-party think-tank, also calls for a sweeping overhaul of the way gambling firms are taxed, to put financial pressure on companies registered abroad to bring their operations to Britain.
SMF proposed a comprehensive new framework of regulation and oversight for a gambling sector increasingly dominated by online playing. Its report comes ahead of a Government review of the 2005 Gambling Act, which ministers have said is not suitable for an era of online gambling.
The report recommends new “affordability checks” to protect gamblers from serious financial harm. It proposes a “soft cap” on spending where anyone who wanted to spend more than £23 a week on gambling products would have to prove they could afford to lose the money without hardship.
The report also said that the stake limits on online slot games proposed by regulators should be set between £1 and £5. Non-slot online gambling games should face new restrictions on the way they are designed rather than financial limits, the SMF said.
The report also proposes a complete reform of the way gambling operators are taxed, to put greater burdens on firms based offshore in Gibraltar or the Isle of Man, and reduce the tax faced by companies that bring their operations “onshore.”
The smaller a firm’s footprint, the higher the levels of Remote Gaming Duty and Betting Duty they should face, the SMF said. The proposed system would reward companies that bring their operations to Britain, while increasing the costs of operating “offshore,” the report said.
“Gambling taxation should be redesigned around a system of incentives which reflect a company’s level of onshore presence. 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,” SMF said.
The report also calls for a comprehensive shake-up of Whitehall and the public bodies overseeing gambling and gamblers. The structures created by the 2005 Gambling Act are “no longer fit for purpose,” SMF said.
The Department for Digital, Culture, Media and Sport should no longer have sole responsibility for gambling policy, being replaced by a new cross-government Gambling Quartet, SMF said.
The lead author of the report is Dr. James Noyes, a leading authority on gambling policy and a former adviser to Tom Watson MP.
James Noyes said:
“For too long, gambling operators have talked about the need to protect their customers, but have not worked together in order to make affordability checks a reality. A fixed cap that applies across operators is the only way that consumers can be protected from harmful spend. Our proposed threshold sets the bar low enough to protect everyone, including those on low income, but is high enough to reflect the vast majority of gambling activity among the general population. Gamblers should be free to spend more than this threshold – but only after they show that their gambling is neither unaffordable nor harmful.”
On tax:
“We need to see an end to the problem of offshore gambling tax avoidance. Gambling taxation should be redesigned around a system of incentives which reflect a company’s level of onshore presence. 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. The message to online gambling operators should be clear: if you want to benefit from the British market, then make a commitment to being based in Britain.”
Latest News
Huge Jackpot at King Billy Casino: C$3,658,306!
King Billy Casino, launched in 2017, has had some impressive players wins during the “reign of King Billy”. A few of them include Live Game winnings of €135,223, daily winnings from 2 or more slots of $164,000, and €250,000 won on a single spin. However, the latest win by a King Billy Casino player dwarfs every big win that has come before this. Actually, it’s bigger than all previous big wins combined for the operator!
Because, we are talking about C$3,658,306.
This amazing six-digit number was the result of a player going on a safari in her (and millions of other players) beloved Mega Moolah progressive slot from Games Global. In an autumn, the player stepped into eternal summer by wagering a small C$6,25 bet and winning 562.816 times her bet! This is the power of Mega Moolah, as evidenced at King Billy.
King Billy people had only warm words for the occasion. A representative of the casino has stated: “We are elated, for this huge big win. We can never forget that our first big win, many years back, was more than 200,000 Canadian dollars, so we have special ties with the region. And it’s now amazing to see our VIP-player making such a cashback and echoing that big win! Congratulations to our player”.
A few words about Mega Moolah. It was an Internet sensation when it was launched with its beautiful graphics and sounds, and immersive gameplay and it is a sensation today, still going strong after almost 20 years. The slot, which has spawned more than 20 variations, and has given millions in cash to players all over the world (including 5 millionaires in 2024 alone) features 4 types of jackpots that make it stand out from the competition.
About Games Global
Games Global is a supplier of the online gaming industry delivering force and direction to gaming with more than 1,300 top class games. The company has made a commitment to deliver the industry’s more disruptive ideas and compelling data-driven gaming experiences. Games Global features a total of 40+ partnered and in-house studios, services 600+ branded websites and boasts record-breaking jackpots with its worldwide network.
About King Billy Casino
Established on St Patrick’s Day in 2017, King Billy is a renowned new generation casino with more than 26 awards and accolades. The casino is available in English, German, French and Finnish, and created a unique user experience, building on the theme of King Billy and his Kingdom. King Billy ensures that all its players, “Citizens” in the casino language, receive the care and attention they deserve.
Latest News
ZITRO INTRODUCES CASH TOTEMS: A MYTHICAL JOURNEY TO ANCIENT FORTUNES
Awaken the power of ancient gods in Zitro’s new game release, Cash Totems. With two exciting themes—Tomahawk and Vikings—this slot title transports players to a mystical world where Ancient Gods hold the key to incredible fortunes.
Cash Totems offers a Free Games bonus with 10 initial free spins and introduces 3 combinable metamorphic features, each supported by its own scatter symbol. The left accumulator features Sticky Wilds, where players can earn credits with the corresponding scatter symbol. The right accumulator offers Rainy Multiplier Wilds, granting extra spins with each corresponding scatter symbol, enhancing winning opportunities.
Finally, the central accumulator unveils a thrilling Jackpot feature, where each corresponding scatter symbol reveals two potential prizes (Low/High) and awards players one of the following: Credits, Extra Spins, or the chance to spin the Jackpot Wheel. Landing on the jackpot symbol activates the wheel, offering one of four jackpots: Mini, Minor, Super, and Mega.
Unveil the hidden fortune within Cash Totems!
Latest News
Betway Customer Wins £53,000 from £1 eSoccer Bet
Betway is thrilled to announce a new milestone in its eSoccer platform, as one lucky customer scored a huge eSoccer payout – walking away with an incredible £53,000 from just a £1 stake. The winning bet, a six-fold accumulator, has set a new record for eSoccer payouts at Betway, marking a historic moment for both the customer and the platform.
eSoccer, a fast-growing sector at Betway, blends the thrill of football with the high-energy world of esports. In these virtual matches, two players go head-to-head in EA Sports FC 25 (formerly known as FIFA), with games running in short, action-packed formats of 8, 10, or 12 minutes. Every game Betway offers has a stream on the inplay site with streams also available on YouTube and Twitch to the public.
Mike Reading, a spokesperson for Betway, commented, “Football is a passion we share with our customers, and eSoccer has become one of our fastest growing products. We are delighted to see a lucky customer turn a £1 bet into an incredible £53,000! It’s moments like these that highlight the thrill of eSoccer for our players and we’re looking forward to celebrating more big winners in the future.”
This record-breaking win reflects Betway’s commitment to offering an exciting range of products and delivering unforgettable experiences for its customers.
-
Asia6 days ago
VSPO, the largest esports company in Asia, rebranded Hero Esports to support global growth strategy
-
Latest News6 days ago
Week 45/2024 slot games releases
-
Central Europe6 days ago
Evoplay enters Czech market with exclusive Fortuna collaboration
-
Industry News6 days ago
iGB Affiliate attracts registrations from 55 nations in just six weeks
-
Industry News6 days ago
Endorphina Affiliate Hub: Huge Benefits for Affiliates
-
eSports7 days ago
Hilton Riyadh Hotel & Residences Named Official Main Partner for World Esports Championship 2024
-
Compliance Updates6 days ago
Aviatrix lands in the Netherlands
-
Compliance Updates6 days ago
Comtrade Gaming Receives UKGC Approval to Distribute Gaming Content