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What is Compliance in the UK Gambling Industry and Why is it Important

Companies / Gambling Jan 28, 2018 - 05:24 PM GMT

By: Steve_Marks

Companies

It can seem, at times, like the gambling industry in the United Kingdom, as well as other parts of the world, is a little bit of wild west. There are always stories of people who seem to have lost their life savings, or have become addicted without any help and there are plenty of horror stories about betting shops and the effects they have on people.



It seems like casinos are just temples to taking your money, the fact they have no windows so you can’t see time pass, the fact many casinos ply you with free alcohol just to make your decision making worse and the fact they make the games as addictive as possible makes it seem like they can just do whatever they want. However there is news this week that the government is looking into fixed price betting terminals which have been termed, ‘the crack cocaine of gambling.’ With so much going on with carillion it seems surprising that they would have time to step in and look at this but the reason that the government is taking such an interesting in these machines is down to compliance.

Compliance is an industry term in betting used to describe the responsibilities and the legal requirements of casinos and betting companies in the United Kingdom. There are some very strict rules that the government have that govern everything from maximum stakes to UK affiliates websites, in essence every aspect of gambling in the United Kingdom is much more regulated than one might think. Its regulation is so good that many other countries are being encouraged to copy it and look into it, the UK’s rules therefore are important and have a profound effect on gambling across the world.

There are a number of very interesting aspects to the UK compliance rules that have long been talked about, dissected and discussed as they provide a clear insight into exactly what the rules are and why they matter. These aspects force companies to do things or place them under strict guidance and rules that change the way they operate. These are things that other countries are considering such are their effect on gambling and regulation. There are three in particular which standout and these are the most interesting of the many factors which combine to create compliance in the UK.

Dispute Resolution

The government's rules on compliance mean that betting companies and casinos must offer something called Alternate dispute resolution which, in essence, is a more refined way of saying that they have to give customers an impartial and third party dispute resolution body who can help customers if they feel they have been wronged. If they feel they have not been treated fairly, if they feel that they are being ignored and if they contend that they have been left out of pocket then casinos and betting companies have to refer them to an independent body who can then make a fair and reasonable decision. Of course when money is at stake things can get heated and can be very awkward so having a body to help ensure that all problems are sorted fairly is a very good idea.

Anti-Money Laundering

For a long time, casinos and gambling organisations have been dogged by questions about money laundering and illegal betting, things like match fixing in sport. In order to begin to tackle these problems, the UK government has sought to force gambling companies to be as open and transparent as possible. They need to have very detailed financial records and to report honestly and accurately where all their money comes from. This has helped to ensure that all the money going into and out of casinos in the UK is clean and legal.

Social responsibility

This is arguably one of the most important aspects of compliance, gambling can cause a lot of issues from addiction to children getting involved to anti-social behaviour so casinos have to have plans and methods to help people affiliated by issues related to gambling. Their adverts have to work within strict guidelines and limits to ensure that only the right people see them. Whenever a bookmakers or casino wants to open they have to prepare local area reports about how they will work with, protect and support the local community. All of these things hopefully ensure that there are not too many gambling related issues.

By Steve Marks

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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