The UKGCIs Developing a 3 Year Strategy Improve the Safety Within the Gambling IndustryApril 14, 2021 John Isaac
The UK Gambling Commission (UKGC) has unveiled its 3 years business plan to better oversight the country’s growing gambling business.
The UKGC was established under the Gambling Act in 2005. It is responsible for regulating the betting business in the UK. The company also monitors the national lottery.
In its statement published recently, the UK Gambling Commission underlines the main task it plans to do over the following 3 years. The main objective is to stay elastic as an ever-changing business develops and assure that the competitive gambling method developed for the near national lottery license.
According to Dr. William Moyes, chairman of the UK Gambling Commission, betting companies authorized by UKGC must adapt and meet the needs of their customers. He further claims that when developing services and products, customer safety should be the priority of the company.
Dr. Moyes also added that “Given the innovative and fast-moving nature of the gambling industry, and our intention to help the National Lottery go from strength to strength, our regulatory approach cannot stand still. We need to adapt to live up to the international reputation we have earned as an effective regulator”.
More about the Five-Steps Program
The UK Gambling Commission intends to fulfill its aim through 5 Strategic Goals:
- Preserve kids and weak persons from the effects of gambling.
- An honest industry and more aware users.
- Prevention of crimes in betting.
- Optimization of profits for good causes from national lotteries.
- Better control of gambling.
The main themes are related to the UK Gambling Commission’s 1st three years policy that started in 2018. According to the UKGC, the 2021 plan should be results-based and fulfill the guiding principles made over the last 3 years.
The UKGC also said the new strategic policy considers the continuous transformation of the British gambling business by the DCMS. A parliamentary authority is reviewing the UK Gambling Commission’s mandate and assets to properly control the sector.
The UKGC expects the Department of Digital, Culture, Media, and Sports report to be completed midway through the implementation of this policy. So they need to adjust the need for development while staying soft to adapt to the results of this report.
More about the UK’s Gaming Industry
The UK Gambling Commission controls one of the biggest betting sectors in the world.
Before the COVID-19 pandemic, the UK’s total gaming income from gambling (NFA) for the twelve months from April 2019 to March 2020 was 14.2B Pounds or approximately 20B Dollars. By analyzing, the Nevada casino posted a 12B dollars GGR in 2019.
Online gambling continues to grow in the UK. Online GGR totaled 5.7b pounds over a year, up 8.1%, according to UKGC data.
The UK Gambling Commission controls over 10000 casinos and traditional gambling places. However, that figure continues to decline as many major roadside gambling casinos have closed due to COVID-19. The modification in the highest bet on fixed-odds gambling limits from 100 pounds to 2 pounds in 2018 also resulted in the closure of numbers of shops.