Online casinos have had their ups and downs over the years, with constant improvements to be made to their service.
One of the biggest markets within gambling is in the UK. As a result, you will find that many of the best online casinos that are open today, started in the UK.
With the industry producing so much profit every year, it continues to grow annually.
Therefore, new online casinos are always being opened. With the industry always evolving, casinos like www.casimboo.com UK online casino use the very latest in design and casino technology.
As a result, you will be able to receive a much better experience to casinos that are not in the UK.
However, there must be a reason for the UK market being the biggest online. One of the reasons could be down to the safety that the market provides.
As standard, any online casino that operates in the UK must be licenced. However, gaining a licence means the casino must conform to strict regulations that are enforced.
Doing this ensures that any player from the UK is protected under the rules that the casinos must follow to provide a safe service.
If you do not understand how this works, you will find all of the regulations in place are there to keep players safe.
With the UK being one of the most heavily regulated markets, it offers players more safety elements than other casino markets.
Who Governs Online Casino UK sites?
With the UK being the most regulated online casino market, you may be wondering who creates these regulations.
This falls down to the regulators for each online jurisdiction.
For the UK, this is the Gambling Commission which is a government-run organisation. They are responsible for everything concerning gambling in the UK.
This covers physical betting but more importantly, online casino betting and gaming. As a result, the rules that they make to help keep players safe are put into law.
This gives players a sense of security, ensuring the casino they are playing at follows some kind of rules.
The rules that the Gambling Commission make may not at first seem to protect players. However, all of the rules and regulations in place have been made for a reason.
As a result, when a problem arises at online casino UK sites, the Commission will investigate.
This will allow them to make a decision on if new rules and regulations need to be made. Some of the most notable restrictions to come into place recently include a ban on credit card use.
This was picked up when research showed how much debt players were getting into due to the use of this payment method.
The Gambling Commission called for a complete ban across the board, which every physical and online casino UK site had to follow.
You may be asking what happens to casinos that do not follow the rules.
The Gambling Commission are also responsible for enforcing the rules that they make.
With the punishments varying from fines to complete closures of casinos.
£6m Fine Handed Out To Popular Casino Site
With recent investigations from the Gambling Commission, a popular online casino UK site has been found to have many failings.
With some of the findings concerning the social responsibility that online casinos have, as well as, some concerning anti-money laundering issues.
The result of the Gambling Commissions investigation has meant that a heavy fine has been given.
As the Gambling Commission are doing a full review and overhaul of the market. We can expect this trend of fines to continue and investigations to continue, with this being just the beginning.
The casino in question is the well known Casumo Casino, which is a very popular online casino UK service. Although the casino operates in the UK, it is actually based in Malta.
However, this is not unusual and is the case for many online casinos in the market. As an online casino, they offer a huge number of services popular to online gamblers.
As a result, giving players the opportunity to enjoy online slot games, Live dealer titles and also sports betting.
The investigation carried out has shown that the casino failed on at least five instances to intervene when customers were losing very large amounts of money.
Although it is a casino’s aim to make money, they must also help spot and prevent harm to their customers.
Therefore, for those who lose a lot of money when playing at online casino UK sites, it is the casino’s duty to act.
This is because they must help indicate who shows signs of problem gambling. This is done by investigating the customer’s bankroll and calculating if they can afford the number of bets they are placing.
An online casino failing to do this can be found to be acting in a socially irresponsible way.
The Details of The Case
According to the Gambling Commission, one customer lost more than $1.5m over a three-year span, without any checks being undertaken.
Another online player lost almost $90,000 in a single month, with no contact from any responsible gambling agents at Casumo.
A third player was found to have lost over $100,000.
Again, no review was conducted on the player. In the eyes of the Gambling Commission, these are some very serious failings.
The Commission also found seven examples of failing to protect the casino from being used to launder money.
The Gambling Commission came to a conclusion that a fine was adequate punishment for the regulation failings found.
As a result, a fine of over $6m was issued to the online casino UK site.
However, the Executive Director quoted after the fine “This case was brought about through planned compliance activity, and every operator out there should be aware that we will continue to take firm action against those who fail to raise standards,”.
It is this quote that has shown that this is not the last fine that we will see issued.
This will not put Casumo Casino out of business, however, it will be permanently noted on their licence details.
Their online casino UK website licence was issued in 2014, with the sports betting side of the casino introduced in 2019.
This is not the first time that Casumo Casino has been fined by the Gambling Commission.
As a result, in 2018, they were handed an $8m fine for very similar failings. With a quote in that year saying they had improved the way that they act, this new fine is proof nothing was done.
This leaves a huge market against the trustworthiness of Casumo Casino.
The Online Casino Market Overhaul
The Gambling Commission has recently come under fire for its failings to control the rapidly moving industry. As a result, they have decided to launch a market-wide overhaul.
They have stated that every online casino UK website that operates in the market will come under review. With the largest names in the industry being their starting point.
This is why we can expect some more fines and even casino closures to follow soon.
With the announcement to begin this industry overhaul, many changes have already been made by online casinos. However, some drastic changes have already been made including some online casinos pulling out of the UK market entirely.
The decision to undertake this online casino overhaul has come after the casino markets rapidly advance in technology and the Commission has failed to keep up with the shift.
With many casinos offering an app to play, this has meant the regulators have struggled to properly police the mobile market.
Therefore, the end aim of the process is to provide an updated version of the 2005 Gambling Act.