UK Gambling Commission Introduces New Regulatory Changes for Deposit Limits and Transparency

The UK Gambling Commission has unveiled a set of regulatory changes aimed at strengthening customer control over deposit limits and increasing transparency regarding the protection of customer funds. These measures will come into effect from 31 October, introducing new requirements for gambling operators to enhance consumer protection.

Under the new rules, operators must prompt customers to set a deposit limit before making their first deposit, establishing a fresh industry standard. Additionally, customers will receive reminders every six months to review their account and transaction details, giving them the option to adjust their deposit limits accordingly.

The Gambling Commission is also enforcing stricter transparency regarding the protection of customer funds in the event of insolvency. Operators must clearly communicate the level of protection provided, outlining the details in their terms and conditions. From 31 October, operators who do not offer protection for customer funds in case of insolvency must issue reminders every six months, ensuring that customers fully understand their financial exposure.

Another significant change involves the removal of the requirement for operators to make annual financial contributions to research, prevention, and treatment organisations. This update aligns with the forthcoming statutory levy, which is set to take effect in April following its announcement last November.

Tim Miller, Executive Director for Research and Policy at the Gambling Commission, emphasized the Commission's commitment to consumer protection, stating:

"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 regulatory update comes as the UK Government moves forward with plans to introduce a new statutory levy on gambling companies. The levy is expected to generate approximately £100m ($125.87m) per year to fund research, education, and treatment aimed at addressing gambling-related harms.

By fLEXI tEAM