@      Gambling Commission initiates consultations on financial penalties and reporting

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Gambling Commission initiates consultations on financial penalties and reporting

The Gambling Commission has commenced a series of consultations focused on refining regulations to improve the efficacy of oversight within the gambling sector. 

Spanning a 13-week period, these consultations target financial penalties and financial key event reporting. 

Regarding financial penalties, the Commission proposes reforms aimed at improving transparency in the calculation of penalties following regulatory breaches.

The consultation aims to establish a structured approach, factoring the gravity of the breach and a percentage of Gross Gambling Yield (GGY) or equivalent income generated during the breach period as criteria for determining the initial penalty.

In tandem, the Commission seeks to amend existing rules pertaining to financial key event reporting. These amendments aim to accommodate the heightened complexity of mergers and acquisitions within the gambling landscape and the industry's expanding global footprint.

Kay Roberts, the Commission's Executive Director of Operations, said: “These consultations are part of our continued drive to ensure Britain has the world’s most effectively regulated gambling sector. We would urge all our stakeholders to take the time out to have their say on these consultations as all views on proposed changes will be considered.”

This initiative aligns with the Commission's recent efforts in harnessing operator data to improve regulatory foresight and management. Ben Haden, Director of Research and Statistics at the Commission, outlined the institution's utilisation of diverse data points throughout 2023. Leveraging operator data aims to bridge knowledge gaps concerning player behaviours in online and land-based gambling environments, aligning with the 'Evidence gaps and priorities 2023 to 2026' publication's objectives.

Moreover, the Commission's strategic move in December 2023 introduced an online reporting service, 'Tell us something in confidence.’ This service aims to empower individuals to confidentially report suspicions of criminal activities such as match-fixing, underage gambling and money laundering.