Thursday, March 11, 2010
   
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New Licenses Required For Offshore Online Bingo Companies

Online bingo software companies and other offshore bingo companies will face a new licensing regime shortly, after the DCMS went public following a leaked document regarding this change and confirmed the proposals for a new regime that will govern overseas online gambling companies including internet bingo. Sports Minister Gerry Sutcliffe announced that any offshore gambling business that requires a customer base in the UK will need to hold a license. All offshore companies will then be subject to regulation from the UK Gambling Commission.

The Government is trying to ensure that more UK Bingo firms will operate in the UK, however the recent 15% tax rate have caused many companies to avoid having their operations based in the country, and some major companies are now moving to offshore destinations such as Gibraltar or Malta. For many sites such as Bingo Gringo, offshore gaming offers a simple and more affordable option. This new regime should not have too much of an effect on offshore online bingo companies at this point, but only time will tell.

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