The Gambling Commission has introduced a new requirement for all license holders to submit regulatory returns quarterly. Effective July 1, this change stipulates that licensees must file their returns within 28 days after the conclusion of each quarter.
This updated schedule mandates that any previous returns, including data up until June 30, 2024, must be submitted by either July 28 or August 11, 2024, depending on the specific operating license. The first new reporting period spans from July 1 to September 30, 2024, with returns due by October 28, 2024.
Felix Faulkner, a solicitor at Poppleston Allen, commented on the change: “We advised all license holders back in March to be aware of this new change, coming into effect this summer. It behooves all licensees to make sure the appropriate teams are abreast of their obligations and that all the ducks are in a row ahead of the 28 July due date.”
Recent Regulatory Developments and Investigations
In addition to the new reporting requirements, the Gambling Commission has been in the spotlight for its investigation into Craig Williams, an aide to UK Prime Minister Rishi Sunak. Williams allegedly placed a bet on an election date before its official announcement, acknowledging the potential misuse of privileged information. This investigation underscores the Commission’s commitment to maintaining integrity within the gambling sector.
Enhanced Measures for Financial Harm Reduction
The Gambling Commission, in collaboration with the Betting and Gaming Council (BGC), has also introduced new measures to mitigate gambling-related financial harm. These initiatives include financial vulnerability checks and stricter age verification processes. The BGC’s voluntary Code on Customer Checks is designed to support these measures by providing guidelines for operator interactions with high-deposit players and implementing intervention strategies for at-risk individuals.
These steps are part of a broader effort to ensure that the gambling industry operates with greater transparency and responsibility, safeguarding consumers and promoting fair play
Source:
Gambling Commission enforces new quarterly reporting requirements, gamblinginsider.com, July 4, 2024.
This post currently has no comments, be the first.
Leave a Comment