Sports Betting Industry in the Uk - a Quick Lookby Melissa Hayes Game Developer
The United Kingdom has a culture of its own unlike any other place on the planet. One of the manifestations of this culture is the attitude that they have shown towards sports betting. Sports betting is ingrained deep in the culture of the UK. Sports betting industry accounts for a massive 700 million pounds per year when it comes to contributing to the economy of Great Britain. It is constantly growing. The introduction of cryptocurrencies into the arena of betting have further catalyzed the growth of sports betting in the UK.
Unlike many other jurisdictions, the United Kingdom has been quite welcoming towards the concept of sports betting. the legal framework that governs sports betting in the UK is designed to ensure that the industry operates in a fair manner and does not get the young minds of the country addicted to betting.
Gambling Laws in the United Kingdom
The gambling laws of the United Kingdom are quite straightforward. Any operator can offer a sportsbook in the UK. The only requirement is that they should be licensed under the UK Gambling Commission or any other registered territory.
The law is designed to protect the player. However, if the player decides to bet on an unregistered or illegal sportsbook, they not only have the risk of having their funds frozen but also compromise on the protection. The responsibility of checking the legal validity of their chosen sportsbooks falls on the player.
The Expansion and the Growth
Credit has to be given to the British government for being open-minded about a few concepts that have been looked at with suspicion by the rest of the world. The UK government is seriously looking at cryptocurrencies like Bitcoin as developments that will contribute to the growth of the sports betting industry.
The sudden growth of cryptocurrency sportsbooks and the relative ease of access that they provide are bound to function as massive forces altering the marketing and revenue landscape. The UK is in line with a few other governments like Malta and Gibraltar that have acknowledged the advantages of cryptocurrencies and are actively considering inducting crypto into their mainstream economy.
Most of the economies around the world have not completely understood the advantages of Blockchains. The introduction of cryptocurrency which is powered by blockchain has brought in a lot of advantages. Players can now experience provably fair gaming that is secure and efficient. Cryptocurrency also encourages punters to use them. The introduction of cryptocurrencies and the availability of superior booking options and the number of events are expected to be the point of convergence in fuelling and exponential growth of the industry.
There has been a great increase in the number of sporting events available on cryptocurrencies both books in the United Kingdom. Thanks to the 2018 FIFA World Cup, Football is the biggest among the sports available on cryptocurrency sportsbooks. For this particular sport, the people of the United Kingdom are keen on betting in all the events, namely, the FIFA World Cup, the English Premier League, the Champions League, and the FA Cup.
Other than football, the British have exhibited their affinity towards many games and sports like basketball motorsports, horse racing, cricket, tennis, badminton, and snooker.
The Best Sportsbooks for British Punters
The introduction of cryptocurrency into the world of sports betting has radically altered the landscape of the industry but has not taken away the essence of sports betting.
NitrogenSports, 1xBit, Mbit, SportsBet, and BetCoin are a few players who can be disturbingly called some of the best sportsbooks for punters based out of the United Kingdom.
It is quite evident that the government of Britain believes in regulating sports betting. When there is a legal framework that governs all aspects of sports betting, it is quite likely that the businesses, the pointers, and the government will stand to benefit from these policies.
Bringing in the decentralized cryptocurrency only makes the entire process of getting secure and fair. It would not be long before sports betting in the United Kingdom gets dominated by cryptocurrencies!
Thus, one can say that the sports betting industry in the United Kingdom has been positively impacted by the use of cryptocurrencies. In addition, due to the government regulations that are being formulated so as to secure the rights of the players, more and more people are getting themselves involved in this flourishing industry of Sports Betting.
Created on Dec 6th 2019 08:04. Viewed 116 times.