Looking back at Jersey sponsors on top EPL teams in the last couple of seasons, one thing is clear: Gambling is a huge business in the UK. Bet365, which was once limited to Stoke City, now sponsors half of La Liga teams.
Together with hundreds of other online casinos, the gambling industry generates billions of pounds each year. But what does that say about the gamblers? Can they make some sort of profit, and how can they do so responsibly? Here are five things to be aware of before you start to gamble online.
Gamblers don’t pay taxes on their Winnings
In the UK, HM Revenue & Customs doesn’t charge players taxes. Instead, it goes after the gambling businesses and taxes 15% of their net income.
So, whether you win £20 or £20,000; you can keep the entire amount without worrying about taxation. That’s the contrast of many jurisdictions where both players and gambling businesses pay taxes.
In Las Vegas, for instance, Americans pay a 25% tax on all winnings over $5000. Foreigners, on the other hand, pay a 30% tax on both wins from sports bets and casino games.
Do your Research
Whether you want to play bingo in your past time or become a sports punter; you’ll have to choose a gambling platform from hundreds of them. The enormous variety is both a blessing and a curse, unfortunately.
If you choose the most popular websites, you risk getting poor customer support. But at the same time, you’ll get to find more casino games and probably higher betting limits. New casinos will provide attractive bonuses, but you won’t always know how good or bad they are.
As such, take your time before you choose a good gambling site. For starters, decide what games you love to play. Decide whether you want huge bonuses or you care more about a website that offers quick payouts. Read online reviews also to find the best online casinos in the UK, according to experts and experienced players.
You can even try out multiple gambling platforms before you choose the right one. After all, experience is the best teacher. Of course, you don’t want to spend a lot of money on new casinos. Use bonuses to test the websites instead, and settle on the best platform to you.
Accept Bonuses Carefully
Nearly every online gambling site in the UK gives out bonuses to new players. Some platforms give out small rewards while others will award you up to £10,000. But here’s something you might not know. Most bonuses have wagering requirements you must fulfill if you want to keep your bonus wins.
The best casinos have few or no wagering requirements. Most gambling sites, unfortunately, require you to spend 10 to 50 times the bonus they gave you before you can withdraw your winnings. That means if you get a £100 bonus with a wagering requirement of 30 times, you must spend £3000 (100 x 30) playing the casino’s games before you access your wins.
In many cases, you must fulfill the wagering requirements within 30 days. Otherwise, your bonus expires, and the casino takes away your winnings. So, if you spot bonus offers that look irresistible, read their terms and conditions before you accept them.
Customer Support can be Poor
Although some gambling sites provide outstanding customer support, most of them offer unreliable services. To be fair, online gambling companies throughout the world have a problem with support. You could even say it’s most online companies and not casinos alone.
Nonetheless, we all wish companies provided good-quality services all-round. The worst companies either don’t have functioning communication channels or never respond to queries. Other companies respond after several days or communicate back fast but rudely.
Unfortunately, it’s hard to evaluate the quality of support you’ll get from casinos until you face a significant challenge. You can avoid disappointments, though, by reading online reviews to learn what other players think about different casinos.
You are Responsible for your Losses
When you gamble online, you are like a self-employed person. You decide how much capital to use and how to use it. If you lose money, you are responsible for knowing how to recoup it. You also determine how much time you spend in your newfound hobby plus other factors.
If you want to gamble responsibly, you need to be good at management. Set a budget and stick to it. Learn how to deal with losses and develop a professional mindset. That means that don’t exceed your budget because you haven’t won yet. Stop means stop. And more importantly, if you can’t stop or need help, reach out to Gamcare.