As part of its efforts to introduce more effective regulations, the UK’s Gambling Commission (UKGC) has launched a new set of consultations.
Running for a total of 13 weeks, the consultations will focus on financial penalties and key event reporting.
The UKGC believes that if an operator is found to have breached regulatory rules, it should then be subject to a financial penalty.
In order to ensure that this process remains as smooth and transparent as possible, the consultation will seek to bring more clarity as to how enforcement actions are to be calculated.
A proposal brought forward by the UKGC is for the starting point of the penal element to be determined by the seriousness of the breach, and based on a percentage of Gross Gambling Yield (GGY) or another proportional revenue generated over the period of the breach.
Additionally, when it comes to key event reporting, there are clear rules set out by the Commission that require licensees to provide relevant information about ownership, finances and interest.
The proposed amendments will take into consideration the increasing complexity of mergers and acquisitions, as well as the globalisation of the gambling sector.
Kay Roberts, Commission Executive Director of Operations, said: “These consultations are part of our continued drive to ensure Britain has the world’s most effectively regulated gambling sector.”
“We would urge all our stakeholders to take the time out to have their say on these consultations as all views on proposed changes will be considered.”
Those who want to get familiar with the proposed changes and have their say on them can do so by clicking here.