Gambling Commission launches new consultation on regulations

Britain’s Gambling Commission has launched its latest public consultation covering financial penalties and financial key event reporting in the industry.

The consultation on financial penalties aims to bring transparency to the way penalties are calculated in enforcement actions.

It includes a proposal for determining the starting point for the penal element of the penalty by reference to the seriousness of the breach, and a percentage of gross gambling yield or equivalent income generated during the period of the breach.

The proposed changes to financial key event reporting rules are designed to account for the increase in complexity of mergers and acquisitions, and the increased globalisation of gambling. 

The consultation seeks views on new thresholds and reporting requirements for changes to finances, ownership and interests within gambling licensees.

“These consultations are part of our continued drive to ensure Britain has the world’s most effectively regulated gambling sector,” said Kay Roberts, executive director of operations at the Gambling Commission.

“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.”

This consultation closes on 15 March 2024.

The latest consultation follows that launched in November on topics relating to socially responsible incentives, customer-led safer gambling tools, improved transparency on customer funds in the event of insolvency, and changes to the frequency of regulatory returns submissions. This consultation closes on 21 February 2024.

The first in the series of consultations covering online stake limits and marketing launched in July and closed in October, with the results of the consultation currently being analysed.