UK Gambling Commission’s New Rules to Improve Transparency
The United Kingdom Gambling Commission (UKGC), the region’s betting regulator, has announced the introduction of a set of new rules for gaming operators, designed to deliver improved transparency for players in the UK.
LISTEN TO THIS ARTICLE:Gaming operators will be required to ask customers to set a deposit limit before they make their first deposit. This is a Responsible Gaming (RG) rule that gives players the chance think about their gambling limits, and manage the amount of money they have to bet with. Customers must have the ability to modify these limits.
Players should be given the opportunity to review their accounts every six months and this should include a history of player transactions for this period. This will give players a chance to see their level of gambling activity over a sustained period.
Additionally, gambling companies must inform customers what level of protection they offer for player funds and should inform the player of this protection periodically. This allows players to see that when they gamble with a regulated gaming operator the regulator in the UK tries to ensure that customer funds are adequately protected. These rules will come into effect at the end of October this year.
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UKGC to Introduce New Levy System in April
The UKGC state these changes are part of the ongoing changes to the gaming legislation outlined in the White Paper review of proposals to the current Gambling Act. It has also been highlighted in the statement that the new statutory levy is to be introduced in April this year.
This new levy is set to replace the current voluntary system operated by the British Gaming Council (BGC), a collaboration of leading gambling companies in the jurisdiction. The BGC currently gives £100 million to support platforms in the UK gambling industry to provide support for at risk gamblers.
The new levy by the UKGC is estimated to generate a similar amount with the funds set to be used on a range of services for those at risk from gambling-related harm, including research on gambling addiction, and gambling addiction clinics.
These changes illustrate our commitment to ensuring gambling is fair and open by improving consumer empowerment and choice. These changes will help consumers decide on deposit limits, enable them to keep track of their spending and ensure they are fully aware of what happens to their funds should an operator become insolvent.
Last week the UKGC opened its latest consultation period that allows stakeholders in the gambling industry to have a say on the Gambling Act White Paper proposals.
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