The gambling industry is taking a toll on the British society. This is with regards to findings that was deduced by the joint Competition and Markets Authority (CMA) and the Gambling Commission committees. These findings deduced that online gamblers were hardest hit with the menace.
Most members of the British society have lodged complaints with the UK regulatory watchdog. Indeed the watchdog has received countless complaints from the members of the public. They have particular raise issues with the fact that the government failed to deal conclusively with the £100-per-spin fixed-odds betting terminals. These two terminals jointly earned a whopping £1.8 billion a year for the bookies.
As a response to these complaints and criticisms, the government has instituted harsh reactions. These restrictions mainly govern the kinds of persons they might impact as well as the number of persons they may possibly reach.
It came up with these stringent measures after holding a thorough and inclusive consultative forum with the various stakeholders in the field of gambling. These include the various betting firms, consumer watchdog agencies, and representatives of gamblers.
To make these resolutions a reality, the UK gambling commission has issued several directives to these effects. It has made it simpler for gamblers to redeem their deposits in the event that the gambling company concerned is found guilty of violating the laid down rules of engagement. This directive shall take effect officially on 31st October 2018.
Also, the betting firms that are found guilty of breaching the laid down codes of conducts that face heavy fines. Some of the most critical areas that will attract these heavy fines shall be adverts that target small children, those that tend to make gambling appear glamorous, those have misleading information and those that tend to encroach into the personal space and privacy of consumers. This Directive shall also apply to the third party marketing firms like the marketing agencies.
Over and above these fines, the gambling commission has also imposed an eight-week cap on the resolution of all disputes. This is to minimize the tension that generally builds up whenever such issues arise. It will also guarantee a speedy resolution of the said issues and ultimately confer greater inconveniences to the consumers.
A couple of betting firms have already arrived at their way-forwards as regards these new developments. Ladbrokes, BGO Entertainment, William Hill, and PT Entertainment have already indicated that they will alter their rules of bonuses. They have stated that they will revise the way in which they issue their bonuses to be consistent with the new regulations.
Brian Chappell, the founder of the Justice for Punters, had these to say:
‘It is interesting to note that the Gambling Commission has finally conceded the fact that gamblers require tighter regulatory frameworks. It is not possible to state with absolute certainty that these regulations will truly achieve their desired ends at the moment. The truth shall become clearer only with time. Let’s wait and see if these regulations shall bring about far-reaching repercussions. Even though this directive is not comprehensive, it is nonetheless highly welcome.’