Last week George Osbourne, the Chancellor of the Exchequer of the United Kingdom (Buzzy edit: quite the title, eh?), announced that offshore gambling firms catering to customers in the U.K. would be subject to increased taxation. The U.K. has been a model in the online gambling world. Is this the end of the world as we know it?

Not so fast, says Matthew Pitt of PokerNews:

T George Osbourne, the current Chancellor of the Exchequer of the United Kingdom, announced in his budget that the laws on the was gambling firms in the UK were to be taxed. This has lead to a number of doom-mongers claim that the online poker world in the UK will become similar to that in France and Italy with the worst case scenario being the UK following in the footsteps of our cousins from across the pond, the United States of America.

In reality what will actually happen is nothing. The change in taxation laws are aimed at the companies and not the actual players themselves, and for the most part the government is targeting the sports betting arms of these companies, companies that left the shores of the UK in order to pay less tax in havens such as Malta and Gibraltar.