UK BGC Launches First Best Practice Guide
The Betting and Gaming Council (BGC) has launched its first international best practice guide for online betting companies, revealed at the G2E conference in Las Vegas. It focuses on responsible gambling and regulatory compliance to assist policymakers worldwide.
BGC introduces its first international best practice guide for online betting at the G2E conference. ? clarencealford, Pixabay
First International Best Practice Guide Launched by UK’s BGC
A new best practice guide for international online betting companies has been released.
The guide comes from the Betting and Gaming Council (BGC), a UK-based group that describes itself as a standards body but is sometimes labelled as a pressure group.
According to the BGC, the resource can also be a handy tool for policymakers around the world, with online betting regulation continuing to be a subject of hot debate.
A leading professional services firm, Alvarez and Marsal, was brought on board to help to compile the new best practice guide. The guide was formally unveiled by the BGC at the G2E conference, which was held in the American gaming capital of Las Vegas recently.
The BGC recently confirmed that it had selected Entain representative Simon Clare as its nomination to join the Horserace Betting Levy Board (HBLB).
Clare, who is the customer communications director for Entain UK brands including the likes of Coral and Ladbrokes, takes over the HBLB role from Mike O’Kane.
Five Key Areas
The BGC’s new international best practice guide covers five main areas, which are as follows:
- High Channelisation
- Consumer Protection
- Preserving Consumer Choice
- Keeping Gambling Crime Free
- Raising Tax Revenue
Research that was recently carried out on behalf of the BGC found that 1.5 million people in the UK gamble on illegal platforms.
Its study found that this illegal gambling involves placing up to ￡4.3 billion in stakes each year.
Positive and Negative Lessons
Announcing the launch of the new best practice guide, BGC Chief Executive Grainne Hurst explained it took on board both “positive and negative” lessons.
“This sector will no doubt continue to grow internationally, offering huge potential benefits to existing markets and those which are currently developing. Through effective regulation of this new growth sector, governments can achieve their core priorities of raising tax, boosting growth and jobs, while delivering high standards for player protection. In the UK, we have seen that firsthand, where balanced regulations have created a sector which raises billions in tax and investment in the economy, while supporting tens of thousands of jobs.” – Grainne Hurst, BGC Chief Executive
Hurst went on to point out that the illegal gambling black market is an “ever-present threat in the UK”, noting that this part of the industry is expanding:
“We are proud that BGC members are now a genuine global success story and a Great British export – that is the prize when the right regulatory foundations deliver sustainable success. If you are a policymaker navigating this new growth sector, or an operator seeking to broaden your international footprint, then this guide is for you.” – Grainne Hurst, BGC Chief Executive
