British bookmakers have been forced to take into account the recommendations of local regulatory authorities after facing criticism for taking advantage of vulnerable players at major sporting events.
The gambling operators are to be affected by a clampdown following a Sportsmail investigation that unveiled various practices used by the industry to exploit its customers. The revelations pushed the Betting and Gaming Council to announce that new code to restrict the way bookmakers treat their customers, and especially the ones who lose large amounts of money.
As the recent report has unveiled, currently, punters who spend large sums with British bookmakers have been treated more favourably than others at some sporting events, such as Premier League matches or large golf tournaments, and are often given VIP status and various enticements to make them spend even more money.
Brigid Simmonds, chair of the Betting and Gaming Council (BGC), unveiled yesterday that the newly-established gambling regulatory body was drafting a new code of practice. The move is aimed at setting the highest standards in the protection of VIP and loyal customers and comes as part of the Council’s safer gambling commitments. In the process, the BGC is set to consult with charities, operators, stakeholders, and of course, with the major gambling regulatory body in the country – the UK Gambling Commission (UKGC).
The New Code Unveiled by the BGC Is to Expected to Be Published in the Spring of 2020
As mentioned above, the new code is to be unveiled as part of the Safer Gambling Commitments initiative that the BGC announced earlier in November together with the ten largest gambling operators in the UK. Now, after facing more criticism, bookmakers seem to be ready to sign up to even stricter self-regulation in an effort to avoid moves of the British Government that could seriously hurt them.
Along with the promise they made to prevent underage gambling and provide gambling addicts with help and support in their battle with problem gambling, the BGC has been planning to impose severe restrictions on operators’ VIP customers.
The new code that is set to soon be unveiled is to feature a series of strict regulatory measures. That is to include a ban on hospitality and special enticements to customers who are considered to be at risk of developing an addiction to gambling or are already problem gamblers. Also, bookmakers will be obliged to complete compulsory credit checks of their punters before the latter are allowed to place certain bets with the companies. Last but not least, the BGC is to unveil some new rules to prevent gambling operators from awarding special cash bonuses for recruiting new VIP customers to their staff members.
As the BGC’s Chair explained, the new code is set to include requirements that have already been identified as necessary to clamp down the industry, such as continual monitoring of punters’ betting activity, in-depth source-of-wealth checks, regular safer gambling interactions, etc. the new code is expected to be published in the spring of 2020.
- Author
Daniel Williams
