UK Gambling Commission Strengthens Regulations
Gambling has always been at the fringe of legality. The image of casinos being associated with the less savory parts of the law has been firmly been established by pop culture. This is why a lot of gaming commissions seek to present strict rules on how players can interact with their money.
With the rise of online gambling, this has resulted in more opportunities for criminals to take advantage of gambling, specifically, as a way to launder money. This is why there are new UK gambling regulations come in.
Developed in December last year, these rules met the eyes of many experts who were consulted in regard to the development of the new guidelines. Now, the UK Gambling Commission, which manages casinos that service UK customers, finally released an updated set of rules and regulations.
New gambling rules to comply with
The UK Gambling Commission has been in operation since 2005—a function that was established by the Gambling Act of 2005. However, it only came into full operation in 2007 after taking over the old duties of the old Gaming Board.
Since then, it has regulated a wide variety of gambling options like brick-and-mortar casinos, lotteries, and online gaming sites. As long as the casino operates or is located in the UK territory, they will have to answer to the commission.
Recently, the Commission has announced a series of rules to be implemented later this year aimed at curbing money-laundering activities. The first rule is that all casinos operating in the UK market need to do an evaluation of their business model and see how vulnerable it can be to money laundering activities. After that, gambling operators should try their best to come up with policies and procedures to help reduce their susceptibility to money laundering.
The next rule is that all casinos are obligated to report to the commission any time a criminal investigation involves them, especially if a crime involves any gambling activities. The commission is considering extending this rule to any crime as a form of social responsibility for these businesses. Finally, a rule is being implemented that prohibits employees of casinos to use any information they know to make a bet. This helps prevent incidents where employees have an unfair advantage over the normal player.
How will the regulations affect Bitcoin casinos?
For Bitcoin gamblers, these rules can put a few more bumps in the road for their gambling experience. Ordinary Bitcoin casinos do not have to worry much since their transactions on various Bitcoin games are mostly anonymous, preventing any persecution from any regulatory body. However, multi-currency casinos like BitStarz and mBit Casino, which allow for Bitcoin and fiat currency deposits and withdrawals, will need to be more stringent about their transaction checks. It does not help that Bitcoin has often been associated with money laundering.
For example, an online sportsbook and casino like VitalBet may have a customer who deposits in one currency but withdraws it all in Bitcoin after playing for some time. This results in the source of the cash being hard to trace. The UK Gambling Commission’s rules will require multi-currency casinos to put in another layer of checks to ensure that nothing illegal happened.
When implemented, these new rules can cause some inconvenience to Bitcoin gamblers. However, they do protect customers from becoming victimized by criminals. It depends on the gambler on how they view these rules in the long run.