There are many pros and cons to the UK online casino industry in the lead up to and during the Article 50 exit. For many the concerns of the gaming industry revolve around the simple fear that gambling will move from its traditional locales to some offshore gambling sites which may not have as much regulation. This can be a worrying issue for the online casino industry but there are solutions to this. One solution is to allow high street casinos to trade online and also allow players to transfer money between different accounts. This has the potential to save the industry and consumers thousands of pounds as there will no longer need to carry cash around or use third party payment processors.
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The other potential disaster for the UK online gambling industry is the possibility that the UK leaves the European Union as a result. If the UK leaves the European Union then this opens up the possibility of an end to the Single Market for the UK allowing trading to come to a complete halt. This could lead to the closure of the Financial Services Authority which is responsible for ensuring that the financial industry is kept stable and does not suffer as a result of any political decisions. Another possible disaster for the industry if a Leave the EU outcome occurs could be the withdrawal of the Casino Tax which is based on the value of a card or ticket. This would mean that the cost of playing online would rise dramatically, as it would be subject to a new rate. This has the potential to cause significant problems for the online industry in terms of new players joining and then maintaining a bankroll.
Overall there are many pros and cons to the UK leaving the European Union but for the online casino industry the two most important factors that need to be addressed are the impact of the exit on the UK economy and the effect it may have on the gambling industry itself. There may be additional concerns for the banking industry in the run up to the Referendum as financial firms may find themselves unable to service loans that have been issued by Royal Bank of Scotland and Bank of England since the UK leaves the EU. The need to continue to service these loans will prove difficult and could lead to a contraction in the industry, something no one wants to experience. The Remain campaign has tried to link the loss of the Casino Tax to the failure of the Remain campaign to provide a strong economy while there is no doubt that the Remain camp also believes that the result could have a negative effect on the financial services sector in the run up to the Referendum.
