Best Practice Guide to Shape Industry
The Betting and Gaming Council (BGC) has released its first-ever International Best Practice Guide. This is a comprehensive guide to assist both policymakers and online gaming operators shape the future of the industry. .
The guide was produced in partnership with performance and compliance consultancy Alvarez and Marsal. It looks at the most successful regulatory frameworks from around the world, and the least successful, to find the core principles that can help the industry move forward as a whole. The focus is on consumer protection, especially minors and vulnerable groups, as well as tackling issues like money-laundering and tax evasion.
Self Regulation Beats Government Intervention
Governments around the world have cracked down on the industry because of concerns about the regulations and anonymous gambling. Especially with the new wave of crypto casinos and sweepstakes casinos that were almost purpose-built to sidestep existing regulations in the United States.
If the industry can put its own house in order and head off those concerns, it could well head off further regulations at the pass and help the industry grow.
The Best Practice Guide follows an extensive study that highlighted the need for proper regulation, as even in the UK where online gambling is permitted, more than 1.5 million people are gambling on illegal websites to the tune of £4.3 billion.
Grainne Hurst, CEO of the BGC, launched the guide at the G2E conference in Las Vegas, Nevada. She emphasised that thoughtful regulation can achieve vital policy goals that include creating jobs, boosting tax coffers and making a genuine contribution to economic growth, while also protecting the players.
The guide is part of a big push by the BGC to standardise the industry. That will help the growth, and also protect against further government crackdowns.
BGC Successful in the UK
In the UK, the BGC’s members contributed £105 million to the Horserace Betting Levy Board (HBLB). So it’s clear how a strong regulatory frame and an underlying code of conduct can help boost profits across the industry.
“For the first time, the BGC has brought together the lessons, both positive and negative, which have been learned by operators and regulators around the world when it comes to the online gaming sector,” said Hurst. “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.”
