The UK Gambling Commission will be enforcing a fresh set of regulations pertaining to gambling starting on the 30th of August. The whole idea behind this is to protect the interests of gamblers and block the present loopholes. However, this will not influence customer credit ratings.
For more gambling news, visit our comprehensive guide on the latest updates in the industry. More initiatives will be introduced as a pilot project to understand the threats linked to online gambling. The project will closely study the data collected in terms of online gambling businesses, as well as the credit reference agencies, to enable a deeper know-how on the reasons behind players’ uncontrollable urge for gambling.
The entire exercise will also focus on the method the gambling businesses adopt for advertising their services and the online gaming space on the whole. There will be a blanket ban on factors such as turbo and slam stops, autoplay functions, and the highlighting of winnings. There has been a stop to such activities since 2021, but it will be reinforced with greater strength.
As per the fresh set of regulations, it will be applicable for both online and brick and mortar gambling avenues. It will be mandatory for all gambling-related businesses to verify all presented IDs to identify persons below age. The legal age factor has been increased from 21 to 25.
A fresh voluntary code on customer checks sets up rules for operators for responding to deposits being made by players to the tune of over 5,000 pounds monthly and 25,000 pounds yearly. There will be the involvement of weakness studies on players under threat. There will be a continuous exchange of required information from the players.
In the case of them going overboard, enhanced due diligence documents will come into the picture. Corrective measures will be implemented immediately if the situation calls for it. The UK Gambling Commission strongly feels all of this was overdue.
