Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Dow Stock Market Trend Forecast Into Mid 2022 - 4th Dec 21
INVESTING LESSON - Give your Portfolio Some Breathing Space - 4th Dec 21
Don’t Get Yourself Into a Bull Trap With Gold - 4th Dec 21
4 Tips To Help You Take Better Care Of Your Personal Finances- 4th Dec 21
What Is A Golden Cross Pattern In Trading? - 4th Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - Part 2 - 3rd Dec 21
Stock Market Major Turning Point Taking Place - 3rd Dec 21
The Masters of the Universe and Gold - 3rd Dec 21
This simple Stock Market mindset shift could help you make millions - 3rd Dec 21
Will the Glasgow Summit (COP26) Affect Energy Prices? - 3rd Dec 21
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - 30th Nov 21
Omicron Covid Wave 4 Impact on Financial Markets - 30th Nov 21
Can You Hear It? That’s the Crowd Booing Gold’s Downturn - 30th Nov 21
Economic and Market Impacts of Omicron Strain Covid 4th Wave - 30th Nov 21
Stock Market Historical Trends Suggest A Strengthening Bullish Trend In December - 30th Nov 21
Crypto Market Analysis: What Trading Will Look Like in 2022 for Novice and Veteran Traders? - 30th Nov 21
Best Stocks for Investing to Profit form the Metaverse and Get Rich - 29th Nov 21
Should You Invest In Real Estate In 2021? - 29th Nov 21
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Protecting the Vulnerable 2021

Personal_Finance / Gambling Jan 21, 2021 - 01:14 PM GMT

By: Submissions


The shift in players moving online gaming during 2020 saw sites like quickly growing in popularity as increased traffic of both new and existing players visited to enjoy a few games whilst catching up with family and friends. In fact, online bingo has taken over in popularity from its land-based counterpart in a big way with people of all ages now enjoying their games as well as making new contacts online.

We are all well aware that choice is a great thing for consumers but the migration online by many people highlighted issues with the existing legislation with the 2005 Gambling Act being described as ‘weak’ and ‘sluggish’ especially when covering the problem of problem gambling.

Not only was the 2005 Gambling Act shown to be insufficient, as businesses actually struggled to remain compliant. This fact was proven with the online gambling firms of Caesars Entertainment UK and Betway paying in excess of £10 million for breaching problem gambling and ALM laws.

Measures and Changes 2020

In early spring player numbers soared online and with those soaring numbers the associated risks also increased with the gaps in regulatory controls showing themselves.

In May the Gambling Commission brought in some stronger protections for those that enjoy online gambling but may be considered at a greater risk of harm during the stressful times of lockdown. 

  1. Now, gambling businesses are asked to conduct affordability checks, reverse withdrawals and also to put some restrictions on bonus offers for those customers that are showing signs of harm.
  2. The Gambling Commission has also brought in stricter age limits and verification procedures tightening player age and identity checks in order to prevent underaged and problem gambling. This means that now gambling platforms must now verify players' identities before they deposit funds in their account or they gamble using any free bet or bonus offer.  Online betting companies must also enact policies and the associated procedures for detecting duplicate accounts held by the same individual.
  3. For high value customers the Gambling Commission has announced strict new rules for operators in order to prevent any malpractice. Operators must now conduct affordabiltiy checks and assess any risks associated with the gambler. The VIP must have their occupation verified as well as having their source of funds verified too before any VIP status is designated along with the free bets, cashback and special prize offers.
  4. There has also been a ban on gambling using credit cards as this method of making a deposit can tempt a problem gambler to deposit more than they can actually afford although e-wallets which are connected to credit cards are still accepted, however, the companies that provide the e-wallets have to make sure that the connected credit cards are not used for gambling.
  5. Another measure brought in by the Gambling Commission was that it is now mandatory for online operators to join the national online self-exclusion scheme called Gamestop. With this measure put into place it is hoped that even more problem gamblers can be prevented from accessing gambling platforms.

2021 also brings in two important changes that should help protect those considered vulnerable and at risk.

  1. The UK has raised the age limit for those who play the National Lottery from 16 to 18 (this includes scratchcards)
  2. There are to be more restrictions on online advertising, especially on images which are considered to be normalising gambling for children and this includes football sponsorships.

Other, considered measures are to be brought into line to further help those that might develop a problem with gamlbing and the future Gamlbing Act which will probably happen in 2022 with all things considered businesses must be aware of the incoming changes so that they can stay compliant and continue growing their businesses.

By Roger

© 2021 Roger - All Rights Reserved

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.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in