While problem gambling has always been an issue among the casino industry, it has become an even more serious issue for gambling firms as of recent. In fact, those that have not taken sufficient measures to address problem gambling, as well as money laundering, will be slapped with FINES, and the threat of losing their license.
This new method of addressing the topic follows the previous year’s INCREASE of voluntary settlements by bookmakers which did not accurately work to prevent both money laundering and problem gambling, and were drawn out for unnecessary lengths of time. Instead, the future will bring larger payouts for firms participating in lengthy settlement processes than those reaching a payout amount on a more immediate basis.
A more complete look at the newly enforced guidelines will be unveiled this month by the UK Gambling Commission. It is expected to include fine details regarding stricter fines, and in which instances a loss of license is necessary.
Commenting on the last year’s increase, chief executive, Sarah Harrison, who took on her current role in 2015, cited “a lack of curiosity, and at worst, a leadership culture which puts commercial gain over compliance,” further reducing the industry’s current measures as a “blanket approach.”
Harrison continued, “We will put all access to all tools, including licence review [...] on an equal footing. Parliament gave us a wide range of regulatory tools for a reason.”
This would mean firms who drag their feet in reaching a settlement with the regulator will have to pay MORE than if they agree an immediate payout. The industry’s trade body, the Association of British Bookmakers, said it welcomed any efforts to uphold high standards of integrity.
The Association of British Bookmakers released the following statement: “As a sector, we are always ready to work with the commission to raise standards and adhere not just to the regulatory and legal frameworks in place, but to the commitments in our responsible gambling code which go beyond that. Clearly if there are failures that continue or are not addressed then it is right to take action.”
Labour MP Carolyn Harris, also commented, “I welcome this action from the Gambling Commission, but I implore the commission and the government to take immediate action to properly address the harm being done in communities across the country by the high stakes being waged on fixed odds betting terminals. Only by substantially reducing the maximum stake will we stop the harm being caused by these machines which have been called the ‘crack cocaine’ of gambling.”
Source:
“The UKGC Gets Strict for 2017, but Not Necessarily Harsh”, Lee R., onlinecasinoreports.com, January 21, 2017.
“Bookmakers face losing their licence and huge fines over problem gambling”, Davies Rob, theguardian.com, January 15, 2017.
