Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Gold Watch Out as Price May Be Staging New Momentum Base In Preparation For A Big Move Upwards - 18th May 21
Why the Demand for US Real Estate Licenses May Soon Fall into a Sinkhole - 18th May 21
Semiconductor Equipment Maker ASML Is at the Center of the Global Chip Shortage - 18th May 21
Could This Be The Hottest Investment Sector For 2021? - 18th May 21
TESLA Tech Stock Bubble BURSTS! Stock Price Heading for CRASH to below $400 - 18th May 21
The Most Exciting Biotech Stock Of The Year? - 17th May 21
Gold Mining Stocks Fundamentals - 17th May 21
Junior Gold Miners Should be Rallying – What’s Holding Them Back? - 17th May 21
Stock Market - Should You Be In Cash Right Now? - 17th May 21
Learning the Financial Markets - 17th May 21
Is Stock Market Selling Madness About Over? - 16th May 21
Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
Budgies Birds of Paradise Indoor Grape Vine Singing, Chirping and Flying Parakeets Fun 3D VR180 UK - 16th May 21
Wall Street Roiled by Hot Inflation Data: Is This REALLY “Transitory”? - 16th May 21
Inflation Going Stag - 16th May 21
CHIA Coins After 1st Week of Plotting 140 Plot 14tb Farm. Crunching the Numbers How to Win - 15th May 21
Tips to Create the Best Cross-Functional Teams - 15th May 21
Gold: Lose a Battle to Win the War - 14th May 21
Are You Invested in America’s “Two-Hour Boom” Fast Shipping Stocks? - 14th May 21
Gold to Benefit from Mounting US Debt Pile - 14th May 21
6 Solid Signs You Should Have Your Smart Device Repaired Right Away - 14th May 21
Ways to Finance Your Business Growth - 14th May 21
Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
How Much CHIA Coins Profit from 100 Plot 10tb Farm? Hard Drive Space Mining - 13th May 21
Stock Market Bulls Getting Caught in the Whirlwind - 13th May 21
Legoland Windsor Mini land and Sky Train Virtual Tour in VR 360 - UK London Holidays 2021 - 13th May 21
Peak Growth and Inflation - 13th May 21
Where’s The Fed? Watch Precious Metals For Signs Of Inflation Panic - 13th May 21
Coronavius Covid-19 in Italy in August 2019! - 13th May 21
India Covid Apocalypse Heralds Catastrophe for Pakistan and Bangladesh - 13th May 21
TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
Gold Price During Hyperinflation - 12th May 21
Stock Market Extending Phase Two? - 12th May 21
Crypto 101 for new traders – ETH or BTC? - 12th May 21
Stock Market Enters Early Summer Correction Trend Forecast Time Window - 11th May 21
GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
Cathy Wood Bubble Bursts as ARK Funds CRASH! Enter into a Severe Bear Market - 11th May 21
Apply This Technique to Stop Rushing into Trades - 10th May 21
Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
CHIA Getting Started SSD Crypto Mining by Plotting and Farming on Your Hard Drives Guide - 9th May 21
Yaheetech Mesh Best Cheap Computer /. Gaming Chairs on Amazon Review - 9th May 21
Breaking US Trade Embargo with Cuba - Build 7 Computers in 14 Hours Before Ship Sales Challenge - 9th May 21
Dripcoin Applies New Technology That Provides Faster Order Execution - 9th May 21
Capital Gains Tax Hike News: Was It REALLY to Blame for Sell-off? - 7th May 21
Stock Market Transportation Index Continues To Grind Higher - 7th May 21
SPX Stock Market Correction Arriving or Not? - 7th May 21
How to Invest in an Online Casino? - 7th May 21
Gold & Silver Begin New Advancing Cycle Phase - 6th May 21
Vaccine Economic Boom and Bust - 6th May 21
USDX, Gold Miners: The Lion and the Jackals - 6th May 21
What If You Turn Off Your PC During Windows Update? Stuck on Automatic Repair Nightmare! - 6th May 21
4 Insurance Policies You Should Consider Buying - 6th May 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