UKGC Set To Launch New Consultation On Proper Financial Thresholds

Updated On Sep 10, 2021 by Ella McDonald

UK Gambling CommissionThe UK Gambling Commission (UKGC) has announced that they plan to launch a separate consultation into proper financial results even as a special committee reviews the 2005 Gaming Act and looks to make major changes to UK’s archaic gambling laws.

The gambling regulator made this announcement during the Know Now Conference on Social Responsibility for Gambling Operators.

Tim Miller, executive director of the UKGC minced no words during the conference and said that licensed gaming operators are not doing enough to protect their players. He made it clear that he wasn’t talking about any grey areas surrounding current gaming regulations but specific areas like terrorist financing and money laundering.

Miller said licensed operators need to take their responsibility towards problem gambling and money laundering more seriously. Many UK licensed operators are deliberately being slack with their regulations and these operators will face stringent action going forward. Miller used an example and said that there was no excuse for an operator to allow a new player to spend £10,000 within a few hours after creating a new account.

Operators are obligated to carry out a detailed know your customer and check source of funds. They have to reach out and check on the player well-being when they see any player lose lots of money in a short period of time.

The UKGC will launch a consultation to identify the thresholds of key financial risks. Some of the areas that they will look at will include what are the acceptable major losses over a short period of time, over a lengthy period of time and what are the indicators of financial vulnerability.

UKGC – Push To Maintain A Higher Standard

The UKGC has also received its fair share of criticism in the recent years for caving into the pressure of powerful gambling firms and not doing enough to protect players. Miller said that the gambling regulator will strive to maintain a higher standard going forward under the leadership of newly appointed chairman Marcus Boyle.

The special committee is currently carrying out a detailed review of the 2005 Gaming Act. The UKGC said that it would not consult on any of the issues the commission is addressing in detail.

Apart from looking at proper financial thresholds, the UKGC is also looking to get operators to provide more awareness of safer gambling tools to all players.

0 0 votes
Article Rating

Ella McDonald Author

Worldwide gambling related news stories are what you will find being written by Ella, she has a keen interest however in UK and European based new stories relating to all gaming environments, and she is always prepared to ask the difficult questions many other journalists avoiding asking those in power.

guest
0 Comments
Inline Feedbacks
View all comments