As countries strive to do better economically, they tend to try finding ways and means to push their economies upward and thus make their countries a more prosperous as well as a better place to live. Today, some countries are turning to casino gambling in an effort to ease the economic pressures that are facing them. In the U.K., casino gambling is at its highest and more persons living over there are getting in on the action to try to better themselves financially.
Every now and again, someone hit it big in the casino. However, some questionable wins are usually reported to the British Gambling Commission. In 2012, a CNN article about a U.K. casino appeared online at edition.cnn.com where it reported that Phil Ivey won $11.7 million over a two-night winning streak at Crockfords where he played punto banco.
Recently the British Gambling Commission told the public that casino gambling was one of the major reasons why the country’s gambling market share was rising. The commission went on to add that the U.K. gambling market has grown by 17% and growth is expected to continue rising in the future.
Most U.K. gambling is now taking place online and over the years, the country online gambling market has risen by 22%. Since the release of this 22% increase in 2014, casino operators online have been lobbying the British Gambling Commission to go easy on new regulations being imposed on them. The new regulations require that operators should have new licenses that are keeping in line with the commission’s newly introduced tax laws. The new law if it should come into effect will see operators paying a 15% consumption tax if they are to continue operating their gambling dens.
Online casino gambling is now on the rise and already it has become a major force to reckon with in regard to the U.K. economy. Already, market revenue stands in excess at 25.4 billion pounds, which is accounting for a 30% share of the gambling market.
The U.K. Gambling Commission issued a five-year statistics concerning the performances of the industry since April 1, 2013 leading up to March 31, 2014 where they reported gross gambling figures of 6.8 billion pounds, which is an increase of 0.04 billion pounds or 6% coming from the times of April 2012 to March 2013.
Overall, the U.K. gambling industry comprising of the lottery and online as well as land-based casino betting games are now commanding market revenue, which is estimated to be $81 billion. Experts in the gambling arena are predicting that online and offline casino gambling in the U.K. will climb by 33% in 2013. Already, casino gambling in the U.K. has risen this year by 15% when compared to last year’s figure. Middlesbrough in the U.K. will soon be opening its new hotel and casino location soon. Investors investing in the project are looking to spend about 32 million pounds to get it off the ground and when the project is completed and in full operation, some 300 job positions will be created.
Since December 1, 2014, the U.K. Gambling Commission released a statement requiring all offshore casino operators to pay tax. However, this new law did not hinder the casino industry from expanding. Still, business is booming, and gambling den operators are making great profits from their trade.
As the U.K. casino gambling rises to the challenge, customers who visit gambling dens regularly are getting their belly full of fun and in some cases, many cash incentives to go along with the fun as well. Experts are predicting that the market will continue to rise as time passes by.
