How would maximum stakes limits affect online gambling?

In early November, MPs in Britain called for maximum stakes limits for online casinos in a bid to completely overhaul gambling law. This follows from the law brought in to reduce the maximum stake on fixed-odds betting terminals back in May 2018.

What does changing these kinds of laws mean for the gambling industry and online gambling in particular?

The recommendations from the British MP report suggest there should be a £2 stake limit and they propose an end to betting via credit card. In addition, they have suggested there should be a restriction on VIP betting accounts.

While this particular case is from Great Britain, lawmakers in Canada have been looking at gambling legislation in the country for many years. Canada has experienced a chequered past when it comes to gambling.

At one point it was banned completely and while that has changed over the years, there remain different rules for certain provinces.

It’s illegal to run an online casino based in Canada without a license, so that’s why many operate offshore. Many individual regulated sportsbooks in Canada limit maximum stakes to $100 but there’s no blanket restriction across all online gambling.

Betting on a single sports fixture is also illegal in Canada.

People looking to wager on a game must bet on at least three games. Alternatively, they can bet on two games if it’s point spreads – the final rule in this instance is that all bets on the ticket must be winners in order to receive payment.

The market, therefore, is already quite different from the UK.

Earlier in the year, the complexion of the gambling industry was looking extremely positive when the ‘Gambling Global Market Opportunities and Strategies to 2022’ report was released.

This annual report predicted that, by 2022, the global gambling industry could be worth a huge $565.4 billion. These numbers were based on the fact the global market size almost hit $449.3 billion in 2018, so the prediction was that of staggering growth.

Technology has developed at an incredible rate, meaning that much of this financial growth for the gambling industry can be attributed to online wagers and casino games.

Gambling is still heavily restricted in many regions across the world, and yet the numbers are still looking extremely healthy when it comes to the global market size. There’s an appetite for gambling and that’s being met by a range of providers.

However, high-street bookmakers in the UK have seen considerable losses in the wake of the fixed-odds betting terminal crackdown. A maximum stakes limit being applied to online slots could potentially spell similar problems for the gambling industry in that country.

One thing’s for sure, whether those regulations are put in place now, in the future, or never, industry experts will certainly be interested when the 2022 global gambling market report is released.

Can technology and customer demand conquer all?