Gambling Commission Promises Regulatory Changes by September
The UK Gambling Commission has announced its five main priorities for the 2020-21 financial year, setting out new regulations it plans to introduce by the end of the second quarter on September 30.
The regulatory body’s plan is to see them set out its most important strategies for the year, aiming to carry on protecting the interest of British gambling consumers while preventing people from suffering gambling-related harm.
New Regulations Incoming
Along with its various other pledges, the Gambling Commission’s most striking promise is arguably its commitment to new regulatory requirements by the end of the second quarter.
This pledge comes hot on the heels of the Commission’s chief exec Neil McArthur promising a review of online slot stakes inside six months (from February) when he spoke at a Gambling Related Harm Parliamentary Group hearing.
The Commission is set to advise the Secretary of State for Digital, Culture, Media and Sport Oliver Dowden on the government’s expected review of the 2005 Gambling Act, although in the current climate this could be delayed.
In order to continue to prevent harm, the Commission has said it will establish an advisory board made up of ‘experts by experience’, people who have suffered gambling-related harm with the group set to exist by the end of the second quarter.
The regulatory also plans to publish an assessment of its measures to minimise harm to young people while reviewing their approach to how they measure gambling participation and prevalence, with these goals hopefully achieved by March 31 next year.
Good Causes and Improvement in Remote Gambling Targeted
The Commission have moved to raise the standards within the remote gambling sector, planning to deliver a number of events to support the roll-out of actions to help with this throughout this year.
They have also pledged to further protect threats against betting integrity at international sports events hosted in the country, as well as to implement the European Union’s 5th Money Laundering Directive by the end of this year, an interesting move given the British government’s stubborn stance on Brexit.
A further promise made by the Gambling Commission was to optimise money going to good causes from lotteries, saying that it would respond to Camelot’s strategy to increase these figures.
Following a planned consultation on prize limits to society lotteries during the second financial quarter, the GC said it will publish its conclusions swiftly.
The tender process for the next National Lottery licence begins on or before June 30 having originally been planned for March, something that rivals in the competition for the licence believe has given current licensee Camelot an unfair advantage.
As well as looking into online casinos, bookmakers, lotteries and licences, the Gambling Commission has decided to also attempt to improve their own processes in terms of the way it regulates. The GC said it will establish a case for changes to their fees as well as provide advice to the Department of Culture, Media and Sport on possible reforms.
Despite the lack of live sport in recent times due to the ongoing coronavirus outbreak, the Gambling Commission expects the betting industry to be its largest source of income this financial year.
The Commission anticipates that betting will account for 31% of licence fees during the year, with casinos next at 29%, gambling software suppliers at 16%, gaming machine suppliers and lotteries at 7%, arcades at 6% and bingos at 4%.