Mr Viral
Britain’s Betting and Gaming Council (BGC) has launched its inaugural International Best Practice Guide, providing iGaming operators and policymakers with a “vital new resource.”
A Vital New Resource
The guide was commissioned by the BGC and compiled by Alvarez and Marsal (A&M), a leading professional services firm. It sets out core objectives for policymakers and the different ways in which markets across the world approach them.
The International Best Practice Guide compares jurisdictions and outlines the pros and cons of various regulatory choices. Its publication comes amid the rapid growth of online gambling, which has become a global phenomenon.
According to the guide, there are certain key policy objectives that all regulators tend to target. These include the following:
High channelization – making sure customers are playing with regulated companies
Consumer protection – shielding vulnerable groups from gambling harm
Preserving consumer choice – maintaining a competitive market
Keeping gambling crime-free – by maintaining the market’s integrity
Raising tax revenue – making sure that gambling companies invest in the markets they operate in
The BGC also noted that the guide underscores the importance of proper regulation that doesn’t channel players toward the black market. An earlier study suggested that 1.5 million people in the UK wager up to £4.3 billion a year to unlicensed offshore operators.
If You Are a Policymaker or Operator, Then This Guide Is for You
BGC representatives commented on the launch of the International Best Practice Guide. CEO Grainne Hurst noted that it brings together the positive and negative lessons learned by legal operators and regulators all over the world, providing a single regulatory resource. Hurst expressed confidence that online gaming will continue to grow and require proper regulation.
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.
Grainne Hurst, CEO, BGC
Hurst noted that the UK has struck a balance where regulated gaming supports thousands of jobs and contributes billions of pounds in taxes to the economy. On the contrary, the wrong regulatory balance could undermine that good work, she warned.
Pierre Tournier, BGC’s international director, likewise emphasized the complex nature of online gambling regulation. He said that the new guide finally offers an indispensable resource to those seeking a comprehensive understanding of the matter.
Drawing on the lessons from around the world, operators and policymakers, can take a global view of the pitfalls and benefits of different approaches, and make better policy decisions as a result.
Pierre Tournier, international director, BGC
Adam Rivers, A&M’s head of betting and gaming in EMEA said that his team is proud to have worked with the BGC on this project. He emphasized the important role of effective regulation in creating a safe and beneficial gambling market.
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