Online Slots Industry Economic Trends
Gambling in society is either seen as part of the entertainment industry or something that needs to be strictly controlled or even banned. In some countries gambling is banned outright and this is mostly down to the dominant religious beliefs and political ideology of the individual country. Islamic countries and communist states are good examples of places where gambling is most likely to be banned outright.
Many other countries around the world acknowledge the fact that online slots gambling can be troublesome in society but they are also well aware of the huge revenue it can bring in too. In Finland, revenue from gambling is ploughed back into society and good causes. Then there are gambling resorts such as Las Vegas and Macau that have their own micro economy that is heavily reliant on local gambling revenue.
A Balancing Act
The labour Blair government in the UK relaxed many rules associated with gambling and this helped boost the numbers who liked to have an occasional flutter. The popularity of online casinos and online slots also added to the boom in gambling. Even though winnings from gambling are now tax free, gamblers still contribute to the economy through profits amassed by gambling brands. The government taxes them, and the government collects the tax as revenue. However, as tempting as it is to allow gambling a free ride in society because of the amount of revenue it brings into the government, if problems occur then action needs to be taken.
Recent UK Law Changes
Last year alone revenue from slots gambling approached the £2 billion mark and this was mainly from online slots. What this told the government was that more of the population than previously thought, was actively gambling online. With so many people gambling, problematic gamblers were increasing and causing concern. This lead to the government reducing the maximum bet on fixed odds betting terminals from £200 to £2. Obviously this move affected revenue and profits at local betting shops. In April 2020, gambling with credit cards become illegal too and again this knocked the revenue that the government collects from the gambling industry.
The recent lockdown due to the pandemic actually produced an upsurge in online gambling. With the nation locked at home for 3 months and many people hunting entertainment to pass the time, many people turned to online slots gambling. Although this meant increased profits for online casinos and more revenue for the government, there was concern that more addicts would be created and those who had lost their jobs would also lose all their savings as well. If you gamble now online, you will notice automatic session reminders and much faster withdrawals than ever before. There is no longer a pending period on withdrawals and many casinos no longer allow players to reverse their withdrawals either. All of these subtle changes can affect revenue and the money that is ploughed back into the economy from slots, but these measures are needed to protect punters during these difficult times.