April 8, 2024 3 min read

likes:

Victoria Implements Tougher Standards for Sportsbook Player Statements

All licensed betting operators must comply with the new standards that seek to provide the players with more clarity for their monthly gambling activities

Several years ago, the gambling regulator in Victoria, Australia, the Victorian Gambling and Casino Control Commission (VGCCC), initiated a review of the monthly statements provided by betting operators in the jurisdiction. Last summer, the gambling watchdog issued an Activity Statement Expectations Guide and requested feedback from the licensees.

Implementing changes to the way operators present statements, the VGCCC initially set a compliance date of December 1, 2023. However, an extension until the end of March was granted to ensure the compliance of all operators.

As of April 1, 2024, the VGCCC expects all wagering suppliers to comply with the new requirements for player activity statements. The changes effectively seek to make it easier for the players to understand how much they deposited, wagered and won on a monthly basis. The overhaul in the regulations came after the VGCCC “analyzed sample activity statements across a number of providers and found inconsistencies in how information was presented.”

Annette Kimmitt AM, VGCCC’s CEO, commented on the topic explaining that the change eliminates the inconsistent player activity statements. She said that thanks to the latest change, players will now be better informed about their spending. Moreover, Kimmit said that the new player activity statements will allow consumers to make informed decisions about their gambling activities.

The days of inconsistent player activity statements are over. Wagering account holders will be better informed about their spending – and therefore better equipped to make informed decisions about their gambling – thanks to the clarity and fairness these changes bring.

Annette Kimmitt AM, CEO of the VGCCC

Players Access to More Accurate Information

According to the VGCCC, thanks to the implemented changes, it will be easier for account holders to understand how much money they have lost during the month. This is because bonus bets and free bets are excluded from the net loss figures on the holders’ monthly statements. “Net wins will also be more accurate, with stakes (the money spent in placing the bet) being deducted from pay out amounts,” confirmed the gambling watchdog.

It’s no surprise that the betting operators should avoid the use of “unnecessary jargon” and use plain English in the player activity statements. The use of colors is also limited to red (for losses) and black only. Moreover, the operators would need to include the same responsible gambling messages they use when advertising their services.

As of April 1, all betting operators who hold a license in Victoria must comply with the new standard for player activity statements. The VGCCC warned that non-compliance will be punished with 60 penalty units which represents an AU$11,538.60 fine applicable for each activity statement.

Co-editor

William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.

Leave a Reply

Your email address will not be published. Required fields are marked *