The UK Gambling Commission (UKGC) has implemented new quarterly reporting requirements for gambling operators, effective July 1, 2024.
Following a consultation earlier this year, the new rules mandate that all gambling licensees submit regulatory returns on a quarterly basis within 28 days after the end of each reporting period.
The updated license condition 15.3.1 within the General and Regulatory Returns of the License Conditions and Code of Practice (LCCP) outlines the standardized reporting periods: April 1 to June 30, July 1 to September 30, October 1 to December 31, and January 1 to March 31.
The first set of quarterly returns under the new system, covering the period from July 1 to September 30, 2024, is due by October 28, 2024. Additionally, any previous returns, including data up to June 30, 2024, must be submitted by either July 28 or August 11, 2024, depending on the specific operating license.
“Regulatory return submissions from gambling licensees are a vital source of information, providing an understanding of the size and shape of the gambling market in Great Britain as well as other key regulatory information,” the commission said in a statement.
Felix Faulkner, Solicitor for Poppleston Allen, said: “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.”
In other regulatory news, the UKGC and the Betting and Gaming Council (BGC) have recently introduced measures aimed at reducing gambling-related financial harm. These include enhanced 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.
This regulatory update coincides with heightened scrutiny of the gambling sector. Last month, reports surfaced that the UKGC was investigating Craig Williams, an aide to UK Prime Minister Rishi Sunak, for allegedly betting on an election date prior to its official announcement. Williams confirmed placing the bet and acknowledged the potential implications of using privileged information for personal gain.
https://www.yogonet.com/international/news/2024/07/05/72993-uk-gambling-commission-mandates-quarterly-reporting-for-operators-starting-july