Brexit Impact for the iGaming Market and Future Challenges

It seems that Brexit affects all aspects of life, especially in mainland Europe, including the industry i-Gaming market. Here are some in-depth reviews of the problem. Yes, Brexit has a real influence on all aspects of people’s lives, from various collaborations, education, access to health, to reportedly the iGaming industry as well. Yes, iGaming, as a gambling industry located in the United Kingdom, has had a significant impact. You can also find the gambling game like poker, blackjack and all kind of casino games in agen sv388. The gambling commission also changed different old policies depending on the type of parliament in the future. So, what is the most significant impact of the iGaming market due to this Brexit phenomenon?

What is Brexit?

Brexit is a new term that started appearing in 2016, where Brexit stands for British and Exit. Brexit is an attempt to withdraw Great Britain from the European Union due to the referendum held on Thursday, 23 June 2016. This referendum effort was attended by at least 30 million participants, of which 51.9% chose to leave the European Union, and also 48,1% decided to remain with the European Union. Brexit has begun the transition starting on 31 January 2020, until it is targeted to be completed on 31 December 2020. Many aspects have begun to change due to the Brexit process, including in the world of gambling. Various iGaming markets themselves have no small effect, where it will be tough for them to access players outside of Great Britain due to license differences.

News of the iGaming industry entering 2020

All gambling companies in the UK have joined forces and are consolidating since 2016 to prepare for the ongoing Brexit process. In the UK, the participation rate for gambling reaches 46% of the population, with about a 1-3% increase every year. However, increasing the gambling tax to 21% has made various shares of the iGaming industry decline further. The existence of access restrictions and restrictions on the use of credit cards for gambling activities are obstacles to the gambling industry’s success in the UK.

MaxEnt decided to get out of the gambling market.

Seeing the UK’s general election process in December 2019, where the conservative party won the general election and indicated that the Brexit plan would work properly, Max Entertainment finally resigned from the UK region will focus on the market Europe. MaxEnt informs you that all its customers who come from the UK will not be able to re-access or register again to enjoy a variety of enjoyable gambling experiences. Some companies will focus on expanding its business in Europe under pre-existing licensing agreements.

Gibraltar prepares for Brexit.

Yes, many of the iGaming industry is in  Gibraltar, whose closest threat is the Brexit phenomenon. Gambling companies will take a big hit because it is estimated that after the UK leaves the EU, the travel costs will be higher, so the company will have to pay more than just the payroll. Although this may seem like a piece of happy news for the company, the company considers this terrible news, which will increase its costs.

Bet365 moved to Malta.

Brexit’s problems would undermine the company’s productivity, especially the iGaming industry in  Gibraltar, a gambling industry, Bet365 decided to move its company from Gibraltar to Malta. Bet365 provides its official statement that it will ensure smooth access to the EU market and maintain its operations. This was done because various Brexit challenges and an uncertain environment had disrupted company activities. Not only Bet365, but Paddy Power Betfair has also moved its company to other EU regions to ensure that the wheels of activity can run properly.

Various consequences of Brexit that must be faced by iGaming UK

The existence of Brexit makes a new challenge for iGaming industry holders regarding the success of their industry. There are so many consequences that must be faced when Brexit will occur. The increase in game prices in the UK is a consequence that must be met to decline iGaming users. Also, the iGaming company is not sure about its fate for the next three years, thus making the company choose to move to the EU region. Also, there is news that many global gaming companies and various media companies will not set up their headquarters in London due to the decision to leave Great Britain from the ranks of the European Union countries.

Future challenges

Many gambling operators have finally moved from the UK to the EU so that the company’s operations can continue. Yes, a big challenge awaits gambling operators who remain in Great Britain not to lose customers. Yes, Brexit makes changes to gambling tax regulations, different rules, and additional licensing agreements, which are the main reasons for iGaming market players to move their business to other EU regions.

Those are some in-depth reviews of the challenges of the iGaming market future regarding their fate due to Brexit. There have been many companies that moved their industries to other European regions.