Chief Administrators of several gambling companies in the UK have officially converged in unison over a brand new set of ‘safer gambling commitments,’ which promises better solutions for mitigating risks associated with gambling.
With dark clouds of could-be-imposed new central government regulations looming over the turmoil sector, this was a recovery measure after some of the gambling giants of the UK, lost nearly £1.2 billion, this week. The loss was tailed by new restraints imposed by the MPs on online casino games meriting more than £2 billion a year.
The five new commitments devised in hopes of to supporting the UK Gambling Commission’s (UKGC), National Strategy to Reduce Gambling Harms, has been acknowledged and accepted by the the best-known betting companies of UK including – bet365, Sky Betting & Gaming, Aspers, Genting, Caesars, Flutter Entertainment (Paddy Power Betfair), Genting, Rank Group, GVC Holdings, Playtech, and William Hill.
Ladbrokes and Coral, the owner of GVC, declared that the commitments embodied “the most comprehensive set of measures from a wide group of leaders across the sector to support the UK Gambling Commission’s national strategy to reduce gambling harms.”
The five newly forged Commitments will be publicly reported and independently monitored are:
- Increase support for the treatment of gambling harm:
- Participants will engage with national stakeholders and recognized support providers to map the capacity requirements alongside analyzing the need for increased financial assistance over the years of this strategic plan.
- Prevent underage gambling and protect young people:
- Participants will provide funding of £10m for a national education program designed and delivered by appropriate experts for teenagers and young people over the course of the next four years.
- Co-operate with the financial service providers to tackle gambling transactions on accounts held by under-aged candidates.
- Work with advertising companies to explore ad technology to prevent underaged candidates from coming across online gambling adverts.
- Strengthen and expand codes of practice for advertising and marketing:
- The treaty will commission an autonomous review on the effectiveness and influence of the television advertising ban.
- It will also develop and embrace a new ‘Code of Conduct’ for sponsorship activities like gambling collaboration with sports clubs, equity holders, and advertising bodies.
- It will forge a new ‘Code of Operations’ for promotional offers like bonuses, VIP promotions, customer contact, and rewards.
- Promote a culture of safer gambling:
- The commitment would encourage businesses to achieve Safer Gambling Standard and to achieve Advanced Level Awards.
- It will make sure all the signatories have an appropriate Employee Safer Gambling Policy setting.
- It will develop an open-source collaboration closet for all gambling companies to access- open-source code, safer gambling tools, and share best methods of raising safety standards across the industry.
- Protect and empower customers:
- It would create new, universally accepted standards to ensure safer gambling practices for customers all over the country.
- The participants will work with operators and industry partners to access risk and affordability.
- It will see the development of clear and consistent product labeling and product knowledge to help customers make educated choices.
- It will enable collaboration with the banking industry to encourage banks to participate.
Remarking on the report, Brigid Simmonds OBE, the Chairman of the Betting and Gaming Council, commented:
The Betting and Gaming Council welcomes these commitments from the chief executives. This is a major step towards preventing underage gambling and addressing harm. Working together as an industry we will create a culture of safer gambling – increasing the competency of professionals who educate young people, increasing support for treatment, strengthening and expanding codes of practice and empowering consumers. These are commitments that the BGC will champion and drive forward to build public and institutional trust in our industry.