UKGC Unveils Changes to Deposit Limits, Fund Protection Transparency

UKGC Unveils Changes to Deposit Limits, Fund Protection Transparency

UKGC Confirms New Changes for Player Fund Protection and Deposit Limits

The UK Gambling Commission (UKGC) has recently announced new changes to deposit limits and player fund protection measures, aligning with the 2023 white paper plans to reform British gaming for the digital age.

Players Empowered with More Control

Under the new rules, players will have increased control over their deposit limits, allowing them more freedom to set limits and protect themselves from overspending. These changes, set to come into effect on October 31, will require operators to prompt consumers to set limits before their first deposit and make it easy for players to adjust their limits as needed.

This move aims to standardize existing practices offered by some operators and apply them across all British gaming platforms. Operators will also be required to remind players to review their account and transaction information every six months to help them manage their limits effectively.

Improved Transparency in Player Fund Protection

Operators will also need to enhance their measures for protecting player funds. They must clearly define terms and conditions for holding player money, as well as explain how these funds will be protected in case of insolvency. This information is crucial and should be communicated to players during their initial deposit.

The levels of protection include not protected with no segregation, not protected with segregation of customer funds, medium protection, and high protection. Operators falling under the first two categories must inform customers every six months if their funds are not protected.

Statutory Levy on the Horizon

The UKGC also warned about the upcoming changes related to the introduction of a new statutory levy. Currently, operators are required to make voluntary contributions to research, prevention, and treatment organizations. However, this system is expected to be replaced once the statutory levy is enforced, which is anticipated to happen in April.

The UKGC will inform licensees of the exact date once it has been finalized. Tim Miller, the UKGC’s executive director for research and policy, emphasized that these changes aim to create a fair and customer-friendly gambling market.

Miller stated that the new regulations will assist consumers in determining deposit limits, monitoring their spending, and understanding the protection of their funds in case of operator insolvency. He confirmed that the UKGC will continue working on other commitments outlined in the white paper.

Overall, these changes are expected to enhance player protection, promote responsible gambling practices, and create a more transparent gaming environment in the UK.