The U.K. Gambling Commission (UKGC) has begun the second set of consultations on the white paper recommendations for updating the Gambling Act of 2005. These consultations target financial penalties and financial key event reporting, SBC News reported December 18.
As is normal, this set of consultations will run for 13 weeks until March 15, 2024.
Commission Executive Director of Operations Kay Roberts, commented, “These consultations are part of our continued drive to ensure Britain has the world’s most effectively regulated gambling sector.” Roberts added, “We would urge all our stakeholders to take the time out to have their say on these consultations as all views on proposed changes will be considered.”
The commission is asking stakeholders to give input on financial penalties to achieve “greater clarity and transparency” on how penalties are calculated for operator infractions of the regulations.
It is especially interested in stakeholder perspectives on “a proposal for determining the starting point for the penal element of the penalty by reference to the seriousness of the breach and a percentage of Gross Gambling Yield or equivalent income generated during the period of the breach.”
It also wants input on information on ownership, finances and interests that operators provide to the regulator. The commission feels that existing requirements leave open the possibility of “potential gaps.”
The existing rules require a license holder to alert the UKGC when someone acquires a 3 percent or higher share in a licensee, or when an operator obtains a loan from an entity not regulated by the Financial Conduct Authority.
The commission proposes to amend these rules to take into consideration “the increase in complexity of mergers and acquisitions, and the increased globalization of gambling.”
Brick-and-mortar casinos have seen a dramatic 20 percent growth this year over last, indicating that the sector has recovered from the disasters of the Covid-19 pandemic. Total GGY increased 6.8 percent to £15.1 billion ($19.0 billion/€17.5 billion) for the period April 2022 to March 2023.
Meanwhile the charity GambleAware recently published a report where more than one-third of those who used its support services experienced gambling-related harm from online slots. In second place was internet sports betting at 15.6 percent.
