United Kingdom Gambling Commission Launches Consultation to Discuss Financial Risk

United Kingdom Gambling Commission Launches Consultation to Discuss Financial Risk

The Gambling Commission in the United Kingdom is dedicated to a well-regulated and safe gambling market and furtherance of the commitment will be launching consultations with regard to the threshold for financial risk. The UK Gambling Commission is aware that not all operators are committed and has stated as much in the Know Now Conference on Social Responsibility for Gambling Operators and Tim Miller, the Executive Director of the UK Gambling Commission has stated that a comprehensive assessment was performed as regards online and live businesses throughout 2020 even as some assessments were conducted digitally on account of the COVID-19 pandemic and announced that operators who persist in ignoring their responsibilities will face penalties.

Improvement in remote services needed

Tim Miller has confirmed as regards the necessity for improvement in remote services and has stated with concern that there are a lot of operators who are dismissive with respect to the amounts of money that people wager and criticized operators accepting large bets from new customers without any background checks or consultations and discussions are opened only after placing the wagers and the customers have lost a lot of money. The UK Gambling Commission has therefore decided to introduce consultation as regards the thresholds in order to identify the financial risks such as huge money losses to the customers over varied periods of time.

The grim situation calls for regulatory intervention

Tim Miller has stated that the situation is grim and that these measures are being implemented o account of the irresponsible attitude of the operators. Tim Miller has also commented on the ongoing review of the Gambling Act by the UK Government and has assured that the UK Gambling Commission is very aware of the fact and assured that the UK Gambling Commission does not want to launch consultations with regard to the issues under review by the UK Government. However, he did add that persistent failure to comply with the existing rules of the Gambling Commission has brought the situation to a point where some regulatory requirements need to be established in order to force compliance by the deviant operators.

Role of UK Gambling Commission

Tim Miller has acknowledged that the role of the Gambling Commission in the UK is to permit gambling but the Commission can’t turn a blind eye to the operators who consider monetary gain as a priority even if it means at the risk and disregard for consumers. Tim Miller reminded the critical importance that the Gambling Commissions ensures compliance with the highest standards that are set for it. Tim Miller has always been known as an authority on work relating to regulation and fair gambling in the United Kingdom and has eve spoken on the importance and momentum for the establishment of an exemplary gambling system during the CMS conference in spring this year. A lot of work remains to be done even as users are vastly unaware of the safer gambling tools that are available to them.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.