UK iGaming Operators Brace for 2024 Regulations, 67% Uncertain of Impacts
The United Kingdom Gambling Commission, commonly known as UKGC, embodies the regulatory institution that supervises all gambling procedures and activities in the UK’s gambling industry.
The UKGC became functional under the Gambling Act 2005 as a non-departmental public authority. Its objective is to regulate commercial gambling, ensure fair gambling practices, and manage illegal actions such as underage gambling or exploitation of vulnerable audiences through aggressive marketing.
Also, UKGC’s primary responsibilities are licensing gambling operators, regulating the online and offline market, and focusing on continuously improving the UK industry by promoting responsible gaming activities.
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In 2020, the UKGC strengthened player protections by banning credit card use for gambling. Moreover, it imposed more robust age and ID verification and affordability checks. Thus, the black market peaked, so they had to bring more ideas to the public.
They began to implement requirements for us to identify and interact with customers who exhibit signs of problem gambling.
One of the greatest things from the last five years is the ban on masked ads. The body ensured our children a safer environment by stopping advertisements that appeal to youth. No casino can create marketing campaigns for teens or barely legal youth.
After this change, the authority increased the fines and other sanctions against operators who violate rules, fail to protect players or exhibit poor anti-money laundering practices. Over £20 million in penalties were issued in 2020 alone.
A phenomenon appeared at the beginning of 2018 that is one of the main issues in the industry today: the black market. This dark side of gambling makes people trust bonuses and steal their time, money, and data.
About 60% of gamblers who open accounts on illegal gambling sites do it without knowledge. They simply did not research enough and believe their marketing campaigns. Yet, the remaining 40% register on pirate casinos on purpose because these do not have the Gambling Addiction Protocols in place.
So even if they have severe addiction problems and are in the national program to stop playing, these casinos don’t say a word to the authorities and make people lose their houses, sanity, and humanity.
To promote stability despite regulatory changes, operators verified by the UKGC, such as Monopoly Casino, an online gambling platform offering over 1000 slot games, already started focusing on compliance and adaptation for upcoming changes in 2024.
For example, over half will need to implement updated KYC technology to adhere to new anti-money laundering laws. Proactive planning and investment in compliance tools, like identity verification software projected to cost £2.1 million industry-wide, will allow UK casinos to maintain reputability as rules rapidly evolve.
There are a few rules you need to follow before UKGC implements further regulations and gets rid of all black market sites. Firstly, you should think about the reason you want to play online.
The reason will guide you towards your next step: bonuses. Should you use bonuses?
Absolutely, but be aware of their regulations.
Make a list of 4-10 casino sites that caught your attention because they had the bonuses and games you wanted. After you have your list, find a listing platform and read reviews written by specialists.
You can also check people’s opinions on forums, but usually, they are biased. Professionals are unbiased, and they only want to inform you about the perks and dangers.
Find the casino’s licensing, players’ protection protocols and anti-money laundering plan. All casinos in the UK must have Gambling Addiction Tools and a UKGC functioning permit.
If all of these are good, you’re safe to play. Open an account with your data, follow the KYC procedures, and start spring reels or wheels.
After the Pandemic years, when people stood inside and gambled more, and the Single Customer View failed, the authorities seemed to agree on some important aspects.
We believe that the authority will further impose stricter rules for KYC procedures and spending limits. The ideas exist, but they need time to be adapted to the market and understood by people.
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