The Gambling Act of 2005 allowed for the legalization of online gambling in the UK. In short, this Act paved the way for online casinos to apply for licenses to become legal entities online. However, to obtain a license, online casinos had to go through a rigorous process and once approved, were then given the license to operate online.
With regard to those online casinos that operate outside the UK, they are able to offer their services as long as the company is licensed within UK’s jurisdiction. This allows casinos outside the UK to offer their online casino services because they are regulated by the provisions within the Gambling Act of 2005.
One of the key provisions of the Gambling Act of 2005 is that it created a regulatory system that was given the authority to enforce the laws, provide licenses, and penalize those who did not conform to the law. This regulatory system is known as the Gambling Commission.
Unlike players in the US, players in the UK have no problem depositing funds into their casino accounts. The banks in the UK accept these transactions, regardless of the method used. However, the most popular banking methods include Ukash, NETeller, Moneybookers, and Click2Pay.
Also unlike the US, the UK looks upon internet casino gambling as a profitable business; one that provides a huge source of income. Considering there are over 400 online casinos based out of the UK, it is estimated that the income from these casinos is as high as $50 billion dollars.
With the UK leading the way, many other countries are addressing internet casino laws as they currently exist. There have been countries that have repealed the illegal online gambling laws, while others have seen fit to introduce online gambling for the first time. As the US continues to debate the issue, the UK is witnessing a surge in online casino gambling; and with regulations in place – it is apparent they know exactly how to operate the entire online casino industry within the parameters of the law.