With the UK casino gaming industry under increasing scrutiny to get its house in order, the UK Gambling Commissions new regulations are causing a bit of a stir. Recently, the UKGC started to play new restrictions within the industry that will be significant long-term.
New sites are already expected to comply from their start-up date. One new site being used by UK casino gaming fans is that of Raffle House. Set up by Benno Spencer, he spoke to popular site This Is Money with his intention to fit in with gambling regulations for the long-term.
This interesting new site, that allows you to raffle off against popular properties on the UK market, could see you sell your home in a legitimate manner. The first property to be on the market for Raffle House is that of a £650,000 one-bedroom flat in Brixton.
With 150,000 £5 raffles needed to make the sale go ahead, how this works will be very important for setting an industry precedent. While the UKGC raised concerns in the past about the legality of such raffles, it appears that Raffle House might just fit in t the present regulation.
“We’ve worked really hard to make sure this is an entirely legitimate marketplace through which to win property,” Spencer told This Is Money.
Since profits are only taken from any money left over due to excess ticket sales, this should meet up with UKGC; though it may offer an interesting precedent moving forward.