Conflict between UKGC and politics.
A group of members of the UK parliament has criticized the UK Gambling Commission (UKGC) heavily. They believe the organization is "not prepared for its purpose" when it comes to safeguarding players online. This dispute is mainly about protecting the digital players. However, the UKGC is responding with plans for new consumer protection rules. Let's examine these plans and the reason behind the argument.
Calls for stricter regulation
In the UK, there's a disagreement between the gambling authority UKGC and certain MPs. This disagreement is connected to a recent gambling report published by the cross-party Gambling Related Harm All-Party Parliamentary Group (APPG), which considers the Commission as "not suitable" and "not appropriate." The regulations for the rapidly growing online gambling industry wouldn't be enough to protect issues gamblers and especially children and youth from potential gambling-related harm.
In the past, the UKGC has often failed to stop at-risk players from playing in these situations. The concern is that there's a lack of action taken by the government and the Gambling Commission to effectively deal with the harm caused. Both Labour and Conservative MPs currently share this viewpoint.
To boost player protection, the APPG has repeatedly demanded tighter regulations, particularly for online gambling, especially regarding stake and win limits. They believe online and land-based gambling should have equal treatment, implying that existing laws are crucial for the digital age. Additionally, a ban on credit cards for gambling transactions was discussed. Nevertheless, the politicians' proposals haven't been considered by the UKGC yet.
UKGC defends itself
The UKGC is defending itself against the accusations, claiming they've already implemented a series of measures for player protection. They refer to a recent speech by UKGC Chairman Neil McArthur during a CEO Breakfast Briefing in London, where he addressed the APPG's demands, focusing on stake limits, payment technologies, and a single and transparent customer registry. McArthur stated:
"We will collect data on online gambling and discuss stake limits. We're fully aware that gamblers can be harmed, and effective use of account-based gambling data will protect players. We're currently looking into introducing further consumer protection online, including the introduction of limits to minimize risk."
The UKGC also questions the APPG's investigation methods, claiming they've increasingly released interim reports without proper evidence and without consulting the regulator. The APPG will now receive more details about the Commission's workings. In other words, the UKGC commented:
"We're miserable the APPG published this report before we could make a statement. This report doesn't capture our activity and advancement in the areas mentioned; we'd love to present this work to the APPG."
Focus on Child and Youth Protection
"Protecting children and susceptible people is at the center of our work," an official UKGC spokesperson responded to the allegations. The authority is, therefore, "continuously searching for ways to make our regulatory approach more efficient." Participants are focusing on adjusting to emerging technology and customer behaviors, aiming to "react appropriately and effectively to new issues" in the long run. Besides, "tough enforcement measures will be taken against anyone not complying with the rules."
The UKGC's intentions aren't surprising because the issue of player protection - particularly the protection of children and young people in sports betting - is currently a heated topic in the UK. The issue started in September 2018, when a BBC report revealed various betting deals on junior websites of British soccer clubs. Recently, a study by a British player protection organization on the insecurity of British soccer fans caused a commotion due to betting sponsors.
Falling share prices due to APPG
It wasn't just the UKGC and players that reacted to the highly critical APPG report. The financial markets also experienced losses. The shares of Ladbrokes owner GVC Holdings, for example, fell by about 10.5 percent, causing a loss of around 540 million pounds in market value. Competitor William Hill's share price dropped by 12.66 percent, while 888 Holdings' shares fell by 13.6 percent. The decreasing stock prices show the anxiety of investors regarding possible new regulations. We'll have to wait to see if they will be implemented.
Read also:
- Leipzig battles for top attacker Sesko.
- Tim Schreiber, victor in Bayern, joins Dresden's team.
- Uncovering the dietary guidelines of an 96-year-old celebrity.
- Gladbach's key players in their title pursuit!
Source: www.onlinecasinosdeutschland.com
