Gambling operators working with regulatory compliance provider W2 are set to receive a new affordability solution.
Debuting today, the offering will allow clients to perform in-depth affordability checks without interfering with the customer journey, according to a W2 statement.
The statement also reads that the ‘Affordability for Gambling Tool’, as W2 calls it, works by combining multiple data assets regarding a customer’s demographical, geographical, and individual background, when possible and without being intrusive to the player.
Warren Russell, CEO & Founder at W2, commented: “Our Affordability for Gambling Tool has been developed to give operators a crystal-clear picture of the affordability of individual players but in a way that is not intrusive and does not impact their journey when signing up to a brand.”
Some of the tool benefits listed are the possibility of checks on previous loans, monitoring player circumstances and verifying declared income without needing documentation.
Releasing the affordability solution coincides with the ongoing reviews of the Gambling Act 2005 by the UK Government, where player affordability and how operators manage it is currently being thoroughly examined.
Russel continued: “While we still wait with bated breath for the Gambling Commission to publish the result of its consultation on the Gambling Act 2005, it is clear that requirements around affordability are going to change and that operators will be required to do much more.”
It is widely expected that the review will result in an increased control and enforcement of regulations, with the Gambling Commission especially tightening its grip around player affordability verification.
“We are delighted to be developing this solution and working with other industry experts in our partners Crucial Compliance and nChain to tackle these inherent issues collaboratively,” Russel added.
“This means that operators can meet any new requirements that come into force and avoid any potential fines and reputation damage they may be subject to in the event of non-compliance, whilst ensuring they build a true picture of their players.”
With the UK Gambling Commission issuing fines totalling more than £54m just in the last two years, W2 is confident that the new solution will help operators stay compliant and avoid any penalties that might also result in damaging their reputation.