The U.K. Gaming Commission (UKGC) has outlined 22 changes to the License Conditions and Codes of Practice, following a 12-week consultation in which the agency received 70 suggestions.
Changes include the introduction of a new license category that relates to the reporting of systematic or organized money lending. In addition, the Commission will require licensees to report “any actual or potential breaches by the licensee of provisions of the money laundering, terrorist financing and transfer of funds.”
The UKGC also confirmed a series of changes to the rules and regulations regarding society and local lotteries, according to SBC News. The changes include greater transparency on lottery spending as well as an increase in size for society lotteries. The changes, official as of July 29, include increasing the size of lotteries.
The maximum amount of total winnings from an individual draw increased from £4 million (US$5.19 million) to £5 million, with the maximum individual prize going from £400,000 to £500,000, according to Gambling Insider.
Lotteries will divulge how much is spent on prizes and how they are allocated, and the odds of winning a prize, all designed to inform consumers prior to participation.
The UKGC licenses more than 490 society lotteries, which are fundraising tools. The lotteries raised £332 million (US$433 million) for various causes in the 12 months ending March 2019.
“This consultation has strengthened several important aspects of our license conditions and codes of practice which apply to society lotteries,” said Sarah Gardner, UKGC executive director.
