UK Gambling Commission Launches Comprehensive Review of Regulations
Date: 2023-11-16 Author: Dima Zakharov Categories: EVENTS
Consultations on Key Industry Aspects:
The UKGC is embarking on a 12-week consultation phase, focusing on critical aspects such as socially responsible incentives, customer-led tools, transparency in protecting customer funds, annual financial contributions to research and treatment, regulatory data reporting, financial penalties, and fiscal event reporting.
Contributions from Previous Consultations:
The four consultations held earlier have significantly influenced the new legislation, covering age verification, financial risk assessments, marketing strategies, and remote game design. These measures are essential for the UKGC to adapt to the increasing complexity and global impact of the gambling industry.
Mandatory Levy to Replace Voluntary System:
A noteworthy development involves discussions on replacing the voluntary system with a mandatory levy, preventing undue influence on gambling harm treatment services. The proposed levy aims to generate up to £100 million for the NHS, supporting gambling research and treatment.
Addressing Operator Concerns:
The upcoming consultations will specifically address concerns raised by operators regarding incentives like free bets and bonuses. The UKGC emphasizes its commitment to fostering a positive relationship with the gambling industry while ensuring consumer protection remains a priority.
Enhancing Financial Penalties:
Proposed modifications to financial penalties will establish a clear framework, holding operators accountable through prohibitive non-compliance costs. Current penalties often fall short, discouraging some gambling companies from implementing necessary reforms.
Empowering Consumers with Tools:
The UKGC is exploring the use of customer-led tools, potentially including features like deposit limits. This initiative aims to empower users, providing them with agency in making informed financial decisions and countering potentially harmful business practices.
Supporting Government Initiatives:
The Commission reaffirms its dedication to supporting the government and the Department for Digital, Culture, Media & Sport in implementing the Gambling Act Review. These consultations play a crucial role in establishing a more robust and responsible gambling environment in the UK.
