Best Bingo Offers: Top 5 – Aug 4-10, 2018

Top 5: Best Bingo Offers

Here’s our weekly roundup of last week’s Top 5: Best Bingo Offers sent by email.

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UK Gambling Commission Slaps Stride Gaming with Hefty Fines

The United Kingdom Gambling Commission has slapped the Stride Online gaming operator with a hefty penalty. It has done this by issuing a notice to that effect. The notice is still pending and has not yet come to effect for the time being.

Stride GamingBefore arriving at this crucial decision, the gambling commission carried out an extensive review of the activities of the said gaming operator. It mainly focused on how the gaming operator carried out its activities.

It alleges that the said operator has not been diligent and faithful in all its dealings. This is why, in the opinion of the gambling commission, the operator deserved a hefty financial fine. This gaming operator has a vast interest in the field of online gaming and gambling.

These include but are certainly not limited to Regal Wins Casino, Magical Vegas, Spin and Win, Kitty Bingo, and Jack Casino. On its part, the operator has advised its market base and subsidiaries that it is presently considering the various approaches to take in response to the latest developments.

Some of the steps the operator is currently contemplating are lodging a formal complaint to the gambling operator as regards the proposed financial penalty. It also considers appealing the decision of the gambling operator and the accompanying penalties in a competent court of law. It even considers asking that the size of the penalty be reduced.

The markets have responded adversely to these developments. Stride gaming has lost a whopping one-third of its market value. This has mainly been occasioned by the loss of interest that most stakeholders have developed in response to these allegations.

Its shares fell by around 33% immediately the announcements. The slide slowed down to around 31.75% later up to the close of the business day. This slump in market value has no doubt adversely affected the daily revenue as well as the short-term financial standing of the firm.

The wider market was not spared either. Indeed, these shocking revelations have also sent the overall gaming market tumbling down. The London’s Alternative Investments market all-share index slumped by around 1.5% in the same week that the announcement was made by the gambling commission. The FTSE 100-share index was not adversely affected though. This is because it registered a paltry 1% slump in value.

This slump in the overall gaming share is understandable. Stride is the third largest online bingo operator in the United Kingdom. It commands a 12% market share. This loss of confidence, therefore, means a huge impact on the gaming market as a whole.

Given the significance of gaming to the British society, it waits to be seen the repercussions and long-term consequences of these developments. In particular, it is interesting to see the courses of actions that the various stakeholders are going to employ to counter these adverse developments.

These developments notwithstanding, the UK gambling and online gaming industry are still robust and reliable. The developments will hardly have any adverse effects or impacts on the resolve of the British society in enjoying their favorite pastimes.

 

 

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Casino Operators in a Possible Breach of Gambling Codes of Conduct

The Institute of Economic Affairs (IEA) has received a huge donation amounting to around £8,000 from the casino industry of the United Kingdom. This donation was supposedly made moments before the institute released a report of its findings. This report recommended that the current ban on the establishment of new casinos be lifted.

Casino OperatorsMoments before this donation was made, some officials of the National Casino Industry Forum (NCIF) supposedly met those of the Institute of Economic Affairs (IEA). The latter confided with the former sometime before drafting the final report. The report did not, however, mention this interaction in its final report though.

The report decried any attempt to further regulate the establishment of new casinos. It argued that there existed no reason to restrain mid-sized towns from accommodating newer casinos. The report is however open to any new opinions or calls for alterations.

This revelation of a donation was brought to the fore after the Guardian disclosed that the Institute of Economic Affairs had offered assistance to US nationals who had farming interests unbridled access to civil servants and top government officials.

These US nationals had planned to invest a whopping £35,000. Their meeting with Steve Baker, who at that time was the Brexit minister, was supposedly planned for by the said Institute of Economic Affairs.

The think-tank as a matter of fact also confirmed that several persons outside the Institute of Economic Affairs had been granted a peek into the report before it was finally drafted. It has however denied any possibilities of the final outcomes or conclusions being influenced by these interactions and access.

These developments have raised queries as regards the influence that the local casino industry may wield on the various institutions that are charged with the responsibility of overseeing it. The Local Labor party termed the developments as shamed.

In particular, it took issues with the Institute of Economic Affairs for its involvement in “widespread lobbying and scandalous political campaign activities.” It further stated policy was adhered to as part and parcel of the attempt to enable the think tank to pursue its precise goals.

Many members of the public have questioned themselves, ‘Could the independence of the think tank have been compromised?’

In consequence of these developments, some formal investigations have been launched to these effects. The Charity Commission has taken the lead in spearheading these investigations. Alyson White, yet another Government’s lobbyist, has also decided to initiate her own independent investigations.

Further to these, Ms. White has also revealed that she has launched an independent inquiry on whether the think tank, which was supposedly created as an educational non-profit organization, should, in fact, be registered as a lobbying body.

On its part, the Institute of Economic Affairs has downplayed any rumors of a possible breach of the existing charity laws. Its director, Mark Littlewood, while commenting on the issue argued that the contributors are unable to influence the final outcomes and conclusions of such a research in whatever shape and form.

The National Casino Industry Forum (NCIF) on the other hand, also denied any compliance with the research outcomes. It further went on to state that it neither commissioned nor paid for the report at all. It has maintained that those donations were made long after the report had already been instigated.

 

 

Crackdown on Advertising and Consumer Law Breaches

In 2016, the Competition and Markets Authority (CMA) in conjunction with the Gambling Commission commissioned a sector-wide survey to assess how the online gambling firms were treating customers.

Gambling CommissionBetween October 2016 and September 2017, Britons gambled a whopping £13.9 billion. The gambling industry employs around 100,000 people. In addition, the United Kingdom has 8,532 betting shops, 152 casinos, 649 bingo halls, and 183,928 gambling machines.

Moreover, during the just-concluded FIFA World Cup, the British households were bombarded with around 90 minutes of betting advertisements. This prompted claims that children were being unfairly subjected to messages that seemed to encourage them to venture into betting.

The government of the United Kingdom has been on the receiving end in light of these developments. It faced criticisms for allegedly taking too long to place curbs on the

£100-per-spin fixed-odds betting termini. These jointly earned £1.8 billion a year for the bookies.

In response to this, the government has responded by putting in stringent measures. These, it avers, shall restrict the amount of time the adverts run on screens. This shall subsequently, according to the government, reduce the amounts of money that are spent on gambling. It came up with these stringent measures following an open consultation with the various stakeholders in the field of gambling.

To actualize this aim, the government has passed legislation to make it easier for gamblers to withdraw their money in case of a breach of the consumer laws or advertising rules. This directive shall come into effect on October 31.

According to the said rule, the government shall also fine any betting firm that violates the stated codes of conduct heavily. These include running adverts that target small children, glorify gambling, and deliberately misleading consumers. The same case shall extend to third-party advertisers like marketing agencies besides sending unsolicited text messages and e-mails to consumers.

Apart from the heavy fines, the gambling commission also imposes an eight-week ultimatum for the operators to settle any disputes that may arise from customers. This is to reduce the tensions, apprehensions, and anxieties that consumers normally confront under such circumstances. These changes in the law, the commission hopes, will hasten and expedite the solution of breaches to the existing laws.

The founder of Justice for Punters, Brian Chappell had this to say, ‘It is positive to realize that the Gambling Commission has ultimately acknowledged that gambling companies require tighter regulations.’

‘Only time will tell of the new rules shall be adhered to the letter. It waits to be seen if the consumers shall enjoy their rights and receive fair treatments. This declaration is incomprehensive but is nonetheless a welcome move.’

In response to these, some gambling firms have already announced their way forward. PT Entertainment, William Hill, and Ladbrokes have already announced their commitment to changing the manner in which they offer the bonus to customers that play online. BGO Entertainment Limited also followed suit a month later.

 

 

 

UK Parents Express Concerns over World Cup Gambling Adverts

During the recent FIFA World Cup, numerous television viewers across the UK complained of too many adverts that centered on gambling. Independent studies have as a matter of fact deduced that a combined 90 minutes of betting-related adverts were beamed to the UK screens throughout the four-week tournament.

This did not go well with most parents and caregivers in the nation. In light of this, well over 115 complaints were lodged to the UK advertising watchdog by viewers across the nation at that time. Most of the complaints were about the frequency of the adverts, the exposure of the same to small children, and the pressure tactics that were employed to push through the betting agenda.

Most parents expressed concerns that these adverts tend to make gambling appear a normal or acceptable way of life. They also decried the enticing and pressure language that the betting firms used to push their message. These, they claimed, included such terms as ‘Bet Now,’ and ‘bet in play, now!’ among others.

Under the prevailing terms of references, no gambling adverts are to be screen before the watershed moments of 9 PM onwards. The same case applies to programs or channels that are exclusively dedicated to children entertainment. Moreover, such firms are prohibited from using tactics and languages that are designed to coerce people to gamble. These rules do not, however, prohibit firms from promoting live odds when matches are in progress.

There was also a general consensus among the viewers that these adverts ate some of the time that was allocated to the FIFA matches. They subsequently asked the UK’s advertising watchdog, Advertising Standards Authority, to step in and rein on the menace.

After the formal receipt of these complains, the UK’s advertising watchdog decided to embark on independent investigations. At the moment, the watchdog agency is evaluating those complaints to ascertain whether they indeed meet the threshold that is necessary for a formal investigation.

The watchdog is also set to determine whether those tactics that were used by the various betting firms violated the stipulated UK advertising codes. Of particular interest to the watchdog agency will be whether the tactics went against the new rules that were established in February to combat problem gambling.

It will be interesting to note the subsequent course of action that the watchdog shall take. This is because FIFA matches do not fall under the jurisdiction of the watchdog. Because of this, watchdog agency lacks the mandate to penalize or enforce such rules on the program.

The watchdog shall most likely follow in the footsteps of other watchdogs world over. They might tighten the noose on gambling adverts and the revenues that are derived from advertising. This is to hinder the popularity and the adoption of gambling as a whole.

Italy, for instance, has taken the lead in doing so. The nation’s Minister for Labour and Economic Development, Luigi Di Maio, has already proposed to ban all forms of gambling advertisements. The only exceptions to this rule, he stated, will be the companies that already have advertising contracts.

Australia has also banned any form of advertising during the day, even for live sports. This shall greatly reduce the number of persons who will most likely view the adverts, keep small children off such adverts, and contribute towards combating problem gambling.

The jury is out. It waits to be seen the kinds of recommendations that the watchdog shall propose. It also waits to be seen the reactions and responses that the various stakeholders shall put forth. This is also interesting considering the liberalized nature of much of the UK’s business sectors.

 

Gaming Tax Online: UK Government Plans to Increase in 2019

The UK government has passed a bill that is set to increase the point of consumption (POC) tax to all online gaming platforms as of 2019. Since the UK government has an obligation to level the playground for both its citizen who gambles as well as the online gambling companies, therefore they decided to raise the POC earlier before they initiate their earlier proposed fixed odds betting terminals (FOBT) maximum limits that are scheduled to start on April 2020.

gambling taxThe owners of online casinos seem not to be satisfied by the government’s decision claiming that it will limit on their profits. The government will announce the new POC tax rate before the end of this year.

These new changes on the gambling industry have resulted due to an investigation that was carried out in October 2016 by the competition and markets authority (CMA) to ensure that these gambling companies operate responsibly in accordance to the consumer protection law.

As a result of this investigation, new rules have been suggested in order to create fairness and protect problem gamblers in the gambling sector. On May 2017, the government said that is intending to lower the limits for maximum stakes on FOBT to £2 from the currently set price £100. These FOBT limits pose as a major setback for the online casinos in terms of profits and job loss that is expected to hit them immediately after its implementation.

In 2016 about £4.7 billion gross revenue was generated from the online gambling sector in which this was an approximate of 34% of all money that generated in the gambling economy. With that said if an immediate FOBT implementation will have to take place, the central government will also be affected since it will have reduced the amounts of revenues expected to be collected from online gambling. In addition to that, the issue of FOBTs limits raised major concerns from all shareholders because of its side effects to the overall economy. Due to the treasury concerns about unemployment levels and reduction in revenues, they opted for a raise in the POC taxes and postponing the implementation on FOBT limits.

Other countries like France, Spain, and Australia have already implemented a high tax rate on gambling companies, but as at now, the POC tax in the United Kingdom stays at a 15% rate. Some critics claim that it is a selfish move by the government in the fear that there might be a loss in the budget so raising tax was a way of guaranteeing high revenues before initiating the FOBT limits.

The rise in tax will affect all online casinos whether operating from inside or outside the country as long as your players are from within the UK. It is very evident that this will, in turn, have to make these online gambling firms to raise prices of their odds. Therefore, the effects of increasing the tax will as well be felt by online gamblers since their customers will be the ones financing their burden. The two-year delay between the implementation of the FOBT limits and the POC tax increase would be necessary in avoiding massive instant loss of jobs or closure of the online gambling sites.

The CMA and the gambling commission are in the forefront to ensure all online gambling firms are aware of these new regulations and are ready to monitor all operations as from next year to ensure all online gambling firms comply with these regulations. The government treasury argued that the increase in POC duty would be the key solution to cover any negative impact brought about by the FOBT regulations such as protecting jobs of its citizens who work for online gambling firms and stopping the machines ruining lives of problem gamblers.