Gambling on the Internet May Receive Code
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29 Jun 2024
Tessa Jowell, the UK’s Culture Secretary, is aiming for international agreement of a new code of practice for offshore gambling centers from the Cayman Islands, Gibraltar, the Turks and Calicos Islands, Antigua, and Costa Rica in an upcoming October summit. The International Monetary Fund and World Trade Organization will be invited to the convention, along with ministers from mall of the main offshore gambling jurisdictions. Many provisions will be discussed and debated, including a major gambling issue such as requiring age verification checks at online casinos.
‘I don't pretend that it will be easy or straightforward to put together an agreement,’ Ms Jowell admitted. ‘It's perfectly possible we will provide these protections here in the UK but people in significant numbers will continue to gamble online with sites in centers such as the Cayman Islands.’ Because Britain is planning on imposing much tighter regulations, it could face an uphill battle in convincing offshore gambling operations to put at risk a very lucrative source of revenue. Even with last year’s Gambling Act, which set up a framework for gambling sites to be based onshore in the UK from September of 2024, the main factor will still be the tax regime which Gordon Brown, Chancellor, is expected to decide upon by next year’s budget.
This summit is yet another event in the attempt to legalize and regulate gambling on the Internet as a worldwide entity and legitimate form of income and work, as well as a recognized entertainment venue within legal restrictions and laws. Only time will tell how gambling online will be affected by this conference.
Tessa Jowell, the UK’s Culture Secretary, is aiming for international agreement of a new code of practice for offshore gambling centers from the Cayman Islands, Gibraltar, the Turks and Calicos Islands, Antigua, and Costa Rica in an upcoming October summit. The International Monetary Fund and World Trade Organization will be invited to the convention, along with ministers from mall of the main offshore gambling jurisdictions. Many provisions will be discussed and debated, including a major gambling issue such as requiring age verification checks at online casinos.
‘I don't pretend that it will be easy or straightforward to put together an agreement,’ Ms Jowell admitted. ‘It's perfectly possible we will provide these protections here in the UK but people in significant numbers will continue to gamble online with sites in centers such as the Cayman Islands.’ Because Britain is planning on imposing much tighter regulations, it could face an uphill battle in convincing offshore gambling operations to put at risk a very lucrative source of revenue. Even with last year’s Gambling Act, which set up a framework for gambling sites to be based onshore in the UK from September of 2024, the main factor will still be the tax regime which Gordon Brown, Chancellor, is expected to decide upon by next year’s budget.
This summit is yet another event in the attempt to legalize and regulate gambling on the Internet as a worldwide entity and legitimate form of income and work, as well as a recognized entertainment venue within legal restrictions and laws. Only time will tell how gambling online will be affected by this conference.
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