From 31 October, gambling operators will be required to prompt customers to set a deposit limit before making their first deposit, establishing a new industry standard.
The UK Gambling Commission has announced a series of regulatory changes aimed at enhancing customer control over deposit limits and increasing transparency regarding the protection of customer funds.
From 31 October, gambling operators will be required to prompt customers to set a deposit limit before making their first deposit, establishing a new industry standard. Additionally, operators must remind customers every six months to review their account and transaction details, offering the option to adjust their deposit limits accordingly.
Transparency on Fund Protection
The Commission is also mandating that operators clearly communicate the level of protection customer funds have in the event of insolvency. This information must be outlined in the terms and conditions, specifying how the protection is provided.
From 31 October, operators that do not protect customer funds in the event of insolvency must issue reminders every six months, ensuring customers are fully aware of their financial exposure.
Changes to Financial Contributions
Another key update is the removal of the requirement for operators to make annual financial contributions to research, prevention, and treatment organisations. This change aligns with the upcoming statutory levy, which is expected to be implemented in April following its announcement last November.
Gambling Commission’s Commitment to Consumer Protection
Tim Miller, Executive Director for Research and Policy at the Gambling Commission, commented:
“These changes illustrate our commitment to ensuring gambling is fair and open by improving consumer empowerment and choice.
“These changes will help consumers decide on deposit limits, enable them to keep track of their spending, and ensure they are fully aware of what happens to their funds should an operator become insolvent.
“We will now continue our work to deliver our remaining White Paper commitments, including our programme of evaluation.”
This update comes as the UK Government prepares to introduce a new statutory levy on gambling companies, designed to generate around £100m ($125.87m) per year to fund research, education, and treatment of gambling-related harms.