The UK Gambling Commission recently strengthened its safeguards implemented by the legislation banning credit card betting, affirming to operators that it applies to all-digital payment processing services.
David Clifton, Director, Clifton Davies Consultancy, moderated a panel with industry experts at this week’s CasinoBeats Malta Digital, which explored the significance of the credit card ban and whether the financial sector has a role to play in its implementation.
The legislation means that all eyes will be on the UK market, with other regions assessing whether replicating the regulation could boost safer gambling in their region.
Paloma Gonzalez Mascaraque, Head of Payments at Betconstruct warned that the ramifications of the ban and halting user’s accounts could lead to an increase in activity within the unregulated market, something Levgeniia Derbal Head of Legal at Parimatch concurred with.
Looking across Europe Mascaraque added: “Every country is going to look at the UK, they are one of the first countries leading every process especially on responsible gaming and AML.”
On the role of the financial sector in helping strengthen AML capabilities and assess customer affordability, Paul Buck, the CEO EPIC Risk Management also detailed: “If you look at the regulation of the two sectors if you look at the gambling industry and the UK regulator it’s a real vice-like regulation which is currently going on.
“Whereas if you look at the financial services industry, the regulator there is quite a heavy-handed one in many ways, but there is no duty of care placed upon gambling transactions – the banks do not believe they have a duty of care to intervene if they believe somebody is showing signs of addiction.
“The whole topic of this panel is about payment methods and stopping harm through certain payment methods and I don’t think the gambling industry can do that alone, so there has to be a clearer collaboration and a clearer duty of care placed on these banks and the financial sector.”
CasinoBeats Malta Digital, delivered in association with Gaming Malta, takes place from 30 June to 2 July 2020 and features 40 virtual exhibitors, numerous networking opportunities, 130 leading speakers, and countless business opportunities for 3,000 senior decision-makers from operators, suppliers, affiliates and other industry stakeholders.
Alongside the exhibition, networking and conference, all delegates also gain access to the full range of entertainment on offer, including free-play slots, daily competitions and a selection of prizes such as iPads and cash.
Find full details of CasinoBeats Malta Digital, including information about how to register and the discounts available on company group passes, at the event’s official website: https://sbcevents.com/casinobeats-malta-digital/