One of the biggest worries for the UK online casino industry right now is the outcome of the upcoming EU Referendum. The events leading up to the vote have left many people in uncertainty as to their impact on the UK online casino industry. One thing that many are worried about is the potential effect it could have on the High Street casinos that are located in the UK. It is important to understand that the majority of the UK gambling market is based on cross-cultural contact, as well as a mix of race and religion. The presence of the major European casinos on the High Street has helped to solidify Britain’s place as a gambling capital of the world. The potential loss of these international casinos, therefore, could have a devastating effect on the UK online casino industry, potentially crippling it at the very point when it should be enjoying a growth spurt.
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In fact, there are several different scenarios that may lead to the closure of some or all of the online casinos in the UK. The most likely would be a vote to leave the European Union, which would cause immense damage to the financial status of the UK gambling industry. If the Leave campaign comes to a successful vote, the online gambling industry may find itself having to close its doors for good. Even though this seems highly unlikely, it would be good for the UK’s tourism and online gaming sector if it did come to a close.
Another potential headache for the online casino industry in the run up to the BREXIT is the possibility of new laws being introduced across the EU, which would restrict the free movement of funds from the UK into the European casinos. This would severely restrict the ability for an online casino to function effectively following the departure of the UK from the European Union. Some may find that it was this factor that prompted their decision to move their registration to an offshore jurisdiction, but this would still put them at risk of closure.