UK Limits Slot Betting to $6.50 a Spin
The UK has placed limits of £5 ($6.50) per spin on online slots for 25-year-olds and older, with 18-24-year-olds limited to just £2 ($2.50) per spin. The additional KYC this will inevitably involve could be about to make online gambling that bit harder in the UK.
The Department for Culture, Media and Sport (DCMS) is also set to impose a statutory tax on gambling companies to fund addiction treatment and research.
The industry breathed a huge sigh of relief at the last UK budget after rumors swirled of 100% tax hikes for the betting industry. In the end, nothing happened, but the government has now circled back. As well as the additional controls, the new laws almost certainly include greater levels of KYC to verify the gambler’s age before you can even start playing.
Gambling Minister Fiona Twycross said the aim of introducing stake limits for online slots was “to protect those at risk, with a particular focus on young adults.”
Many online slots allow gamblers to stake up to $100 and more per spin. The UK’s draconian new laws will mean some games aren’t the same in England.
Eyecon’s Fluffy Favorites and Big Bass Splash from Pragmatic Play can pay out up to 5000x your stake, Blueprint Gaming’s Gorilla Gold Megaways pays out 20,000x your stake, and Habanero’s Calaveras Explosivas pays out up to 500,000x your original stake. It’s all life-changing money, but it’s also based on how much you put down. With $100, it’s retire to Mexico money. Not so much with $2.50.
This could send a lot of UK gamblers flocking to online crypto casinos, which allow them to gamble anonymously and with no limits per spin. With licenses in Malta and Curacao, crypto casinos simply aren’t beholden to the UK regulations.
The new breed of Web3 casinos is committed to privacy and anonymity, and customers gamble anonymously with a crypto wallet.
Hardened gamblers will head to different online casinos governed by different rules. The UK government’s new limits are well-intended, but the consequences may be a boost for the crypto gambling industry and even more checks and responsibilities for online casinos registered with the UK Gambling Commission.
