Regulations are the guidelines, or rules, by which the Gambling Commission and the Department of Internal Revenue maintain a stronghold over the industry. By having only one body approve or reject licences, there is always some degree of control over those licence holders. It was the 2003 act designed for gambling, that produced many regulations, which are put in place to enable the achievement of its planned purpose. These governances apply to any individual or organisation, that is authorised by law to operate in the gambling industry. For example, the Ruby Fortune casino amongst others.
Laws Maintain Control
The 2003 plan for gambling has many regulations attached to it. These are all vital to control and promote fair dealings. Some of the rules in question are the Gambling (Licensed Promoters) Regulations 2005, the Gambling (Venue Payments) Regulations 2016, and Gambling (Fees) Regulations 2015. These are all in place for the reason of control.
What Changed in 2014?
The amendment to the regulations in 2014, affected the number of proceeds which are to be distributed for authorised purposes. Each licence holder must be allocated proceeds for this purpose equal to 40% of the specified amount in the first and second financial year, 41% in the third and fourth fiscal year, and 42% in the fifth, sixth and further years moving forward. The specified amount refers to the gross proceeds of the licence holder.
This serves to prove that the regulatory bodies are in place to ensure that the wealth is distributed in the way that it should be. No company can operate any gambling operations without a licence in place. Continuing to do so will end very badly for the operator. Financially, and legally, they will be punished considerably. By issuing the licences, the regulatory board can ensure that the community is given back its due.