The UK Gambling Commission has introduced a new requirement for license holders to submit regulatory returns on a quarterly basis, starting from July 1, 2024.
Correct and full submission of regulatory returns is a condition of holding a gambling licence for online and land based casinos.
Related Reads:
If a gambling operator misrepresents or fails to reveal required information, unless it has a reasonable excuse, it will have committed an offence under section 342 of the Gambling Act 2005.
The changes mean that licensees must file their returns within 28 days of the end of each quarter. The first reporting period will cover July 1 to September 30, 2024, with returns due by October 28, 2024.
This change affects all licensees, including those who previously submitted returns on an annual basis.
The updated schedule requires that any previous returns, covering data up to June 30, 2024, be submitted by either July 28 or August 11, 2024.
The Gambling Commission and the Betting and Gaming Council (BGC) have implemented new measures to reduce gambling-related financial harm. These include financial vulnerability checks and stricter age verification processes.
The BGC’s voluntary Code on Customer Checks aims to provide guidelines for operator interactions with high-deposit players and implement intervention measures for at-risk individuals.
The changes come as the Gambling Commission investigates an aide to UK Prime Minister Rishi Sunak for allegedly placing a bet on an election date before its official announcement.
The Conservative Party’s luck and fortunes have been decimated in the 2024 General Election, with Rishi Sunak resigning as party leader as the Labour Party led by Keir Starmer saw a landslide victory with most of the UK turning red. The work will now begin on reviewing the gambling industry white paper, which did not feature highly within Labour’s manifesto.
Those who bet on the date of the election legally or illegally may have had a flutter on the outcome, which has left many politicians jobless.