VGCCC Introduces Wagering Activity Statement Standards Imposing AU$11.5K Penalty For Non-Compliance

Home » VGCCC Introduces Wagering Activity Statement Standards Imposing AU$11.5K Penalty For Non-Compliance

The Victorian Gambling and Casino Control Commission (VGCCC) has introduced new standards for gaming operators to further improve responsible gambling practices and reduce gambling harm for players in the Australian jurisdiction. As of 1 April 2024, online gaming service providers have been required to ensure compliance of the monthly released wagering activity statements with the latest regulator’s set of rules triggered by the inconsistencies found across sample operators.

Clear Spending and Loss Information to be Displayed:

As indicated in the press release, the Victorian gaming regulatory body analyzed multiple activity statements reported by online gaming service providers to wagering account holders on a monthly basis. Based on the result of the analysis, the regulatory body has already started implementing measures to ensure that the wagering account holders in Victoria get the information on their spending and losses clearly displayed in these player activity statements.

Straightforward Account Activity:

More about:  Unibet signs deal with Pittsburg Steelers while Caesars Entertainment announces new agreement with Houston Texans

As reported, account holders will now be able to get an insight into the amount of money they have lost in a particular month. Under the latest standards, net loss figures will exclude free and bonus bets on the monthly statement, while the win structure will also clearly make a distinction between the net win and the stake. As reported, net wins will be more accurate as the money spent to place wagers will be deducted from the total payout to account holders to render a straightforward information to Victorian bettors.

Content, Language, and Color Requirements:

Also, the VGCCC requests that all the stated information be presented using plain English language and avoiding the gaming slang for clarity purposes. Under the player monthly statement presentation rules, the use of colors to highlight specific information, such as figures, is restricted to black and red to respectively show a player’s stakes and losses. As reported, the gambling harm tagline mirroring the advertising-related practice shall also be mandatory included in the statement.

More about:  Divine Fortune Megaways™ Slot Review

Effective Since 1 April 2024:

According to the press release, the new standards have been effective since 1 April 2024 for all wagering providers in Victoria. Set to run through an extensive implementation period and requesting immediate compliance, the standards aim to raise awareness of gambling harm among Victorian players and secure a safe gaming environment in the jurisdiction.

$11,538.60 Non-Compliance Penalty:

For the same purpose, the regulator requests responsible gaming practices to be followed by online wagering service providers in the Australian province. As reported, each non-compliance with the requirements could result in 60 penalty units. Converted into monetary value, non-compliance may impose a $11,538.60 penalty for a single operator’s failure to meet the activity statement issuance requirements. According to VGCCC, the measure is also expected to strengthen the compliance of wagering service providers with the applicable legislation, such as the National Consumer Protection Framework and the Victorian Harm Minimisation Ministerial Directions.

More about:  Sports Betting Giant FSB secures Regulatory Approval from South Dakota Commission on Gaming

Commenting on the introduction of the wagering activity statement standards, VGCCC CEO Annette Kimmitt AM reportedly said: “The days of inconsistent player activity statements are over. Wagering account holders will be better informed about their spending – and therefore better equipped to make informed decisions about their gambling – thanks to the clarity and fairness these changes bring.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Gambling News from NewsCasinoNew.com is made for the most passionate fans of online casinos and internet gambling. We cover everything: from popular gambling world events and trends to new casino slot game releases and reviews, you will find the latest news stories.