The UK’s Betting and Gaming Council (BGC) has published an International Best Practice Guide explaining the top methods of supervising and managing the digital gambling segment.
The multi-page document was developed jointly with the Alvarez & Marsal consulting agency to educate global legislators.
Main Highlights of the BGC Project
The manual is based on a detailed comparison of different countries' regulatory practices, providing a valuable evidence base for analysis.
Grainne Hurst, BGC’s CEO, noted that this is the 1st time the Council has collected all the strategies that authorities and operators have used. The list includes both successful solutions and ineffective initiatives related to the online gaming segment. According to the executive, such a detailed guide will help regional regulatory bodies build more effective gambling control programs in the future.
A radical change in the approach to licensing on the part of authorities will allow to:
- create a large number of new jobs;
- stimulate the growth of the legal market;
- ensure the maximum level of protection for players;
- increase taxes without tangible harm to the industry’s volume.
Key Tasks for Global Regulators According to the BGC
The Council’s guidelines highlight several essential programs that require close attention.
Priority areas for local iGaming supervisors:
- High channelisation. Authorised bodies should develop and implement effective strategies to encourage gamblers to participate in legal sessions only. Such an approach will significantly reduce the size of the shadow market.
- Consumer protection. Regulators are responsible for thoroughly checking the safety of operator-provided content. The best option is to elaborate a detailed plan to protect minors and vulnerable categories of people and then implement this guide in the basic requirements for gaming licence applicants.
- Maintaining diversity. Supervisory commissions should take comprehensive measures to support healthy, equal competition in the gambling market. Such an approach will ensure the stable development of the domestic business and attract foreign investments to the region.
- Guarantees of fairness. There is no unified protocol for action yet, and local regulators can use the available opportunities at their discretion. For instance, authorities block platforms that do not adhere to international PCI DSS standards.
- Increasing tax revenues. Governments should include tools that encourage operators to invest in the domestic economy. This strategy will help create a more sustainable business ecosystem and increase the flow of funds to various social programs.
UK iGaming: Good Example of Effective Governance
According to Ms Hurst, the gambling market in Great Britain has one of the most balanced regulatory programs in the world. This factor attracts billions of dollars in taxes and investments to the local economy yearly and has created tens of thousands of jobs.
BGC’s recent study showed that 1.5+ million UK residents spend about $ 5.6 billion a year in the shadow segment. Current regulatory initiatives must be improved and expanded to reduce these figures.
Pierre Tournier, the BGC’s International Director, stated that the global iGaming sphere is a dynamic industry with a complex landscape and many governance options. Nevertheless, the segment has long had a significant gap in the evidence base and statistics on local markets. That is why the Council has created the most comprehensive database of regulatory strategies for regional and international legislators.
The guide will allow industry representatives to assess the risks and benefits of different approaches from a global perspective and make more informed and effective decisions in the future.
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