UKGC focus on fines

Jake Graves December 18, 2023

Share it :

UKGC focus on fines

The UK Gambling Commission (UKGC) has initiated fresh consultations on financial penalties aimed at bringing greater clarity and transparency to penalty calculations. Intended to last 13 weeks, the consultations will consider the starting point for fines and whether penalties will be judged against the gross gambling yield (GGY) during the breach. Financial key event reporting will also be addressed, taking into account the complexity of mergers and acquisitions in the context of the globalisation of gambling.

Kay Roberts, executive director of operations at the UKGC has emphasised the importance of stakeholders providing input on the proposed changes:

“These consultations are part of our continued drive to ensure Britain has the world’s most effectively regulated gambling sector. 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 whitepaper

This newest set of consultations comes as a result of the Gambling Act review or whitepaper, which proposed regulatory changes based on a review of the legislation from 2005. In response to these statistics, the UKGC launched a confidential reporting service to report criminal and suspicious activity anonymously.

Recent statistics have indicated a 20 percent growth in land-based gambling, returning to pre-pandemic levels, with total GGY growing 6.8 percent year-on-year to ￡15.1 billion.

Online slots a significant issue

British charity, GambleAware, published their industry statistics earlier this month, which pointed out that online slots are of a particular concern. Over a third of support service contacts in 2022-23 were people experiencing gambling-related harm from online slots.

Specifically, online slots accounted for 37.9% of individuals seeking treatment, making it the primary concern, followed by internet sports betting at 15.6%. Fixed-odds gaming machines in bookmaker shops were the third-highest reason for treatment access, representing 12.8% of cases.

SiGMA Eurasia

Mark your calendars for the return of?SiGMA Eurasia?in 2024! Join industry leaders in Dubai from February 25th to 27th for this highly anticipated conference and exhibition. Don’t miss out—get your tickets now!