Over the last few months we have seen a number of hefty fines levied against some of the big names in the industry.
These fines have been incurred because of issues around social responsibility, and in some cases, money laundering. The largest of these was given to 888 and was a substantial £7.8 million.
Gambling companies could soon be facing further financial penalties if the Gambling Commission get their way. They are seeking extra powers to be able to fine bookmakers and other gambling operators for breaches in advertising regulations.
We have seen some major changes in the expectations of operators and have noted amendments to the sort of content shown to site visitors prior to age verification.
More recently there has been a focus on the football teams who have sponsorship deals with gambling companies.
All of this is a related concern around how much young people are now exposed to gambling advertising.
The Gambling Commission are pushing for the extra powers in order to help raise the standards of advertising across the industry. The hope is that with a fine being a real risk, companies will be more responsible with their advertising.
It has often been highlighted that the worst punishment for breaching BCAP or CAP Codes is a reprimand from the Advertising Standards Authority. This regulatory body does not have the ability to fine the companies who have broken the rules.
The Gambling Commission does not have the power to seek financial redress for such breaches either but has been able to reach financial settlements on other issues as we have seen last year.
Input is being requested in a consultation that is currently taking place and ends on April 22nd 2018. Customers, industry experts and gambling business are all being asked to contribute.
As well as the issues around advertising, the consultation is also to cover the possible introduction of an eight-week limit to deal with gambling complaints and disputes.
Source – The Telegraph