UKGC Introduces Consultation on Financial Thresholds Amid Operator Negligence

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The United Kingdom’s Gambling Commission remains dedicated to establishing a safe and well-regulated gambling market and will be launching a new consultation about the threshold for financial risk.

Operators Are Lax In Client Interaction

However, during the Know Now Conference on Social Responsibility for Gambling Operators, the UKGC noted that a number of operators are still not as committed. As a result, Tim Miller, the commission’s executive director, issued an announcement that operators who continue to ignore their responsibilities will be penalized.

Miller noted that a significant and substantial assessment was done on online and live businesses throughout 2020. Some of those assessments had to be done digitally because of the raging COVID epidemic. A necessity for improved remote services arose.

Yet, Miller mentioned that many operators are still dismissive of the amounts of money people wager. He criticized that those operators would take large bets from new customers without checking their backgrounds or interacting with them. Such bookmakers would open up for a discussion post factum when bettors have already wagered away a lot of money.

Because of this, the Gambling Commission has decided to introduce the consultation on thresholds that will help to identify important financial dangers like major customer money losses over various periods of time.

The Situation Demands UKGC’s Intervention

Miller explained that these measures are a necessity caused by the operators’ lack of responsibility and consideration.

“We are mindful of the fact that there is an ongoing review of the Gambling Act and do not plan to consult on issues that are rightly for that Review. However, operators are allowing consumers to be exposed to unnecessary risks now,” Miller stated.

He added that those “multiple failures to comply” with the Gambling Commission’s existing rules have brought upon the need for “more prescriptive requirements” that will force operators to abide by the regulations.

Miller concluded by reminding that even though the Gambling Commission’s role is to permit gambling, it can’t stay inactive when operators value monetary gain more than customer safety. He reminded that it is of crucial importance for gambling that the Gambling Commission matches the high standards set for it. 

Miller is known as a figurehead that has always been putting a lot of work into ensuring regulated, fair and safe gambling in the United Kingdom. This spring during the CMS Conference he spoke about the importance of the current momentum for establishing an exemplary gambling ecosystem.

Sadly, there is still a lot of work to be done, as a UKGC survey from July discovered that a lot of bettors are not familiar with the safer gambling tools they can use.

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