According to a study by Magnify Money, almost 30% of households have less than $1,000 saved.
The study found that millennials were worst off as they had a median of $2,430 saved, whilst baby boomers had a median of $24,280 saved. But how can you make and save more money?
Some people opt for a second job, whilst others try gambling or the stock market.
Learn more about UK gambling with our online casino guide.
Online Gambling Sites UK
It’s no secret that saving for your future can be difficult, but there are a number of ways in which you can earn a little bit of extra cash.
If you don’t have enough time to dedicate to another job, you could always consider trying your luck on the stocks. However, learning about the stock market can also take some time.
So why not consider online gambling? The internet has made it increasingly easier to gamble online and the good news is that you can do this wherever you are, as long as you have an internet connection.
In the UK, online gambling is legal (for persons over the age of 18) and regulated by the Gambling Commission. This includes UK online poker, sports betting, casino games, bingo, and lottery-style games.
Which Gambling Site Should I Use?
There is a whole range of online gambling sites that have many different games on them.
Different websites all offer different features too, for example, some offer a signing up bonus, some have fast payments, whilst some are known for there safety.
Betway Casino, 888 Casino, Mansion Casino, and Casino.com are all great places to start if you are looking for an online gambling website that offers a variety of games.
What Do I Need to Get Started?
To start gambling online, you will need an internet connection and a device in which you can access online games, such as a laptop or a mobile phone.
Secondly, there are a variety of laws you need to familiarize yourself with.
UK gambling laws can all be found under the Gambling Act 2005 – which was established to create a clear framework for individuals who are hosting games and individuals who are placing bets online.
Gambling Act 2005
The Gambling Act 2005 is considered to be one of the most comprehensive online gambling laws in the world and it ensures that both game hosts and individual playing the online games are safe.
Essentially the Gambling Commission oversee the gambling act, which covers licensing for internet gambling sites in the UK and it addresses consumer protection.
In the Gambling Act 2005, there are 3 main objectives which you need to be aware of:
- Preventing gambling from being a source of crime or disorder, being associated with crime, disorder, or as an accessory to a crime.
- Ensuring gambling is conducted in a fair fashion.
- Protecting children and other vulnerable persons from being harmed or exploited by gambling.
Under the Gambling Act 2005, all operators must prove that they are financially stable, able to maintain a stable financial position, and capable of offering fair games to their players.
So you can gamble in the UK in the safe knowledge that gambling sites aren’t taking advantage of you and that they can pay out what they say they will.
What Sectors Does the Gambling Act 2005 Cover?
The Gambling Act 2005 covers all sectors of gambling, including arcades, betting, bingo, casino, lotteries, gaming machines, gambling software, and all forms of remote gambling services.
The only form of betting which the Gambling Act 2005 is not responsible for is the speed betting sector. Speed betting is regulated by the Financial Conduct Authority.
How Effective is the Gambling Commission?
The Gambling Commission works hard to ensure that both seller and buyer in the gambling industry is looked after.
However, the Gambling Commission fell under a lot of scrutiny in 2013, when a company called Canbet, who was a sports betting website, ran into liquidity problems.
A lot of complaints surfaced, of customers saying that they were owed money by Canbet. Unfortunately, the site closed due to further deterioration, whilst the company still owed some customers money.
The Gambling Commission lost credibility due to this incident. Later the Gambling Commission released a statement that stated whilst it was responsible for regulating the industry, it couldn’t possibly monitor the financial health of every company.
The commission also stated that they couldn’t revoke Canbet’s license because that would risk furthering damage to the company, which would undoubtedly leave outstanding debts and payments left unpaid to players.
In 2014, Canbet voluntarily surrendered their gambling license. The company still hasn’t repaid all of its debts to customers.
Even with the regulating body of the Gambling Commission, incidents like this can still happen. Thus you should note that there isn’t a fail-proof system to ensure the safety of customers in the gambling industry.
That said, the Gambling Commission in the UK has helped to pave a path for fairer online gambling, that other countries, such as the US are still yet to follow.
Have a look at these other online gambling laws for more information on UK gambling laws before you start gambling.
Use Our Online Casino Guide
Our online casino guide covers everything you need to know about gambling in the UK. So make sure you refer to our advice before you start gambling and during if you aren’t sure about anything.
Before you go, remember to always gamble responsibly. And always stick to using legitimate and trusted online gambling websites.
Now, you can go and try your luck on the slots, or try your hand at poker and see how much extra cash you can make!
Are you looking for other ways to make money? Check out this blog about 7 stock tools that traders can’t get enough of.