UK gaming regulators seek stronger financial sector collaboration

Cvetanka Cvetanovska | Published 14 Oct 2020, 12:34 p.m.

In the past few months, we have reported on several initiatives by UK gambling regulatory bodies regarding the casino industry and measures to prevent gambling-related harm. This time we’ll talk about how this industry communicates regarding financial and marketing aspects and initiatives that ensure operations to move in a standardised and safe manner. Here we will mention the recent partnership with UKGC and Facebook that introduced guidance on mitigating the number of ads with gambling content. They’ve also called for more responsible management of VIP schemes, and a change in the definition before someone is labelled as a VIP player.

UKGC: Financial sector can help reduce gambling harm

The chief executive of the UKGC, Neil McArthur, invited the finance sector to consider a multi-sector partnership approach in order to tackle gambling harm. He further added that this sector plays an essential role in shaping the business market and the global economy.

This virtual event explored the possibilities and innovations led by the financial sector in recent years. The introduction of blocking software and security systems by banks, together with the use of data analysis to support affected customers, has made a significant change and improved the image of the industry.

McArthur added that we all have a part to play and protect vulnerable customers. The UKGC has already introduced a credit card ban, as insights showed that it would reduce the risk of gambling harm.

This conference was part of a two-year program work with Money and Mental Health Policy Institute, which aims to engage the financial sector in finding innovative ways to identify and reduce harmful activities.

ASA: Providers must be careful when they communicate the profit

The Advertising Standard Authority (ASA) has filed three complaints against Profit Accumulator Ltd, with the claims referring to a paid Facebook ad and website text. This happened just days after the ban of an ad provided by Foxy Games, which was considered as unlawful.

First appearing on June 9th, the Facebook ad featured a video explaining the work of the company’s service, where a voiceover provided testimonials from customers. Regulators considered the content of the testimonials as irresponsive and incorrect since it’s not statistically correct that you’ll make a profit from a certain amount of offers, as it was presented in the ad. Both the content and commercial were labelled as misleading.

Profit Accumulator who trade as Bonus Accumulator was told that any future marketing campaigns must not present gambling as a mean of achieving financial security or as employment alternative. Moreover, they were told to ensure that any future communication must not lead to the point that the profit is guaranteed or bypass the risks associated with gambling. The format and the presentation of the service will also be subject to change for future campaigns.