Bojoko created a special report looking at the industry’s reaction to the Gambling Commission’s decision to tighten requirements for high value customers and VIP schemes.
They have reached out to operators, lawyers and the Betting and Gaming Council to discuss whether the requirements are enough.
While the Bojoko team believes an outright ban is the only way to properly protect players, the majority of operators do not believe abolishing VIP schemes is best way forward.
Brigid Simmonds from the Betting and Gaming Council stated:
“Through robust Know Your Customer checks for every single existing VIP and new VIPs, as well as increased transparency and accountability, we believe that our operators have the necessary structures in place to ensure high value customers are enjoying gambling safely.”
Alasdair Lamb, Senior Associate at CMS states:
“From the industry’s perspective, I think that there is a hope that if they act now this will head off a proportion of the concerns (and avoid a total ban), and from the Gambling Commission’s perspective, it is seen as being very active in a “problem area”.”
James Booth from leading casino site MrQ said:
“In the case of VIP schemes, banning them pushes the larger operators out of the market and more unregulated casinos benefit while the government loses out on POC tax. I certainly think tweaks can be made to regulation but in most cases, including this one, abolition is not the answer.”
The report also provides insight and guidance for what operators can do to ensure they are ready for the changes when they come into force on 31 October 2020.
Joonas Karhu, Chief Business Officer at Bojoko, said: “We have created this report to gauge how the wider industry feels about the Gambling Commission’s decision to tighten its rules around high value customers and VIP schemes.
“It seems most operators feel the new rules do go far enough, but the regulator has made clear this is their last chance to ensure they run VIP schemes responsibly and that players are properly protected. If not, an outright ban has not been ruled out.
“As such, the report also offers guidance on how operators can meet these new requirements and some of the changes they should make in order to ensure players, especially high value customers, are protected at all times.”