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New Regulations for Deposit Limits and Fund Protection
The Gambling Commission has introduced key changes to increase consumer protection and transparency within the gambling industry. Starting 31 October, customers must set deposit limits before making their first deposit. This change ensures that all operators in the industry follow a standardized approach to deposit management.
Additionally, operators will be required to remind customers to review their deposit limits and transaction information every six months, ensuring they stay in control of their spending. The new rules also mandate operators to disclose whether customer funds are protected in case of insolvency, providing essential transparency.
Removal of Annual Financial Contribution Requirement
Alongside deposit limits and fund protection changes, the Gambling Commission also removes the LCCP requirement for operators to make annual financial contributions to research, prevention, and treatment organizations. This removal coincides with the introduction of the government’s statutory levy, which is set to effect in April.
These regulatory updates reflect the Commission’s commitment to making gambling safer for consumers by enhancing their control over spending and ensuring that they are informed about the security of their funds.
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