The United Kingdom has been at the very forefront when it comes down to handling all sorts of issues pertaining to gambling. The industry has often been buffeted by stringent regulations, but even then, operators have held their end magnificently. And so, as the World Cup was in full spate, so were British punters on pins and needles to cough up solid sums and plonk them down to their favourite team, and not in one case – on the national squad.
According to a report published by Bloomberg, a respected media, British punters have staked nearly $3 million on the outcome of the 2018 World Cup. Quite the impressive number on all counts. With this in mind, the sums are definitely staggering, but even more so is the amount bookmakers actually rake in, to the total tune of $5.7 billion. Such numbers suggest that regulation may not have been hitting its market and there’s more under the veneer of well-meaning.
The UKGC Doesn’t Muck Around
Britain’s operators are subject to the laws issued by the UK Gambling Commission and the regulatory body intends to step up its game when it comes to regulating the market in fairness. With this in mind, the UKGC is planning to raise standards for consumers, as per the previously issued 2017-2018 report.
What the regulatory will attempt to do is find a way to bring operators in checks and uproot all loopholes that allow flaunting the rules as stated by the regulator. One particularly thorny issue has been how operators advertise their bonuses while not being upfront about the conditions that come hand-in-hand with them.
More specifically, the UKGC wants to disperse the illusions that such ads suggest, i.e. that you will receive up to $300 in free money. While such bonuses do exist, the fact of the matter is they usually amount to much lesser sums. One significant example showing how established bookmakers are passing up the buck was the recent indictment of Red32 which was slapped with a fine upward of $2 million.
Back to the Gambling Requirements
When we take the issue at hand, it’s immediately obvious that the problem is not so much that casinos advertise their goodies. As the Bloomberg report outlined, however, it’s much more a matter of not presenting the full case to punters than anything else.
In other words, if the ads contain the warning that the $300 may, in fact, be lost with no return to the player, things may stand differently. Of course, punters don’t usually lose the full amount of their investment, but it so happens that they are misled to believe that no terms and conditions apply, despite the fine script under each bonus.
The idea that is taking shape these days is that all operators who have been profiting from shady terms & conditions applied to their bonuses should be fined and the practices reversed. The UKGC, while not openly supportive of the idea to vilify bookmakers, has been signalling that the regulator’s patience has been stretched thin.