online slots
Online casino sites are a relatively new endeavor in the gambling industry. Prior to the explosion of the digital age, land-based casinos had been operating comfortably for hundreds upon hundreds of years. The iGaming scene has now landed and has made a dent in the gambling industry like no other.
But what stops dodgy developers from taking advantage of this new, and perhaps hauntingly complex industry, and how can players like you be sure that you aren’t being scammed? Let’s have a look at the regulatory bodies behind online slots UK games and online casino sites that keep you, and your wallet safe!
The UK Gambling Commission
When we talk about safety in the world of online slot games, the first regulatory body that we have to talk about is the UK Gambling Commission. Formed in 2005, after the former culture secretary Tessa Jowell had demonstrated the need for one a couple of years prior, the commission laid out its three clear, concise, and important objectives to follow.
- To ensure that there are no links between crime and gambling.
- To ensure that gambling is conducted fairly and openly.
- To protect children and any vulnerable persons from any harm or exploitation that may come to them through gambling.
These three rules set a precedent for any current or future casino runners, game developers, and brand managers going forward.
What do The UK Gambling Commission actually do?
One of the largest responsibilities of The UK Gambling Commission is to form and uphold licensing procedures for online gambling sites located and operating in the UK. These companies will pay for their licenses and follow the regulatory guidelines set out by the UK Gambling Commission. The commission will consider applications for the following licenses:
- An Operating license
- A personal management licence
- A personal function license.
These licenses are issued to every single online gambling company that you see operating in the UK, whether it be for betting, bingo, or of course online slot games, you can’t open up shop without one, or more of these.
Taxes
Another incredibly important way in which The UK Gambling Commission acts as a regulatory body for online gambling companies is through taxes. The UK gambling industry is particularly unique in the sense that UK players do not pay taxes if they win money on video slot games, instead what happens is the casinos, or developers are taxed solely. Casinos are currently supposed to pay a 15% consumption tax on all of the profit that they make. The UK Gambling commission monitors this tax payment for each and every company operating under their jurisdiction. If a company can’t pay those taxes, or decides not to for one reason or another, the company is swiftly shut down and stopped from operating any further. This creates a precedent for any company that tries to dodge the tax man and put its players in a sticky situation.
