The UK government is about to receive more gambling revenues from local bookmakers. Apparently they have agreed to pay 1% of their profits to avoid regulatory repercussions.
Among the largest participants are Bet 365, Coral Ladbrokes, Skybet and Bet-fair. The deal will end in five years. Meanwhile the government rakes in a whopping 120 million euros annually.
Is this an open bribe? Perhaps. After all, the UK gambling commission was in the process of hiring more staff and increasing their budget.
Bookmakers expected more investigations and a possible crackdown on their activities. Of concern is problem gambling, requiring more action from online and other key firms. The industry must take charge to avoid being called on the carpet.
This comes in the wake of aroused anti-gambling sentiments from many political figures. It is not unlike the state of affairs experienced by the alcohol and tobacco industries.
And we know what happened to them! There was a significant depreciation of their value within the market. In fact, even recognized entities were not allowed any sponsorship on media advertisement.
As for gambling, the online market is rather new and it may be easier to stifle abuse at the start.