VGCCC Issues New Rules for Operators Issuing Customer Statements
The Victorian Gambling and Casino Control Commission (VGCCC), the Australian state regulator, has announced that gaming operators in the region must adhere to new guidelines when generating customer statements relating to betting activity.
LISTEN TO THIS ARTICLE:The change aims to provide customers of gambling companies with an accurate reflection on their gambling habits over a set period. The regulator wants customer statements to be consistent across the gaming industry and transparent for players.
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.
Changes Follow Review and Consultation
The change came after the VGCCC sampled twelve statements from gaming operators in the industry late in 2022.
The Victorian state regulator found the statements were not transparent and difficult to read, so came up with a set of guidelines in August 2023 for future betting activity reports called the Activity Statement Expectations Guide.
Following a consultation period where the regulator worked with industry stakeholders, the VGCCC Indicated the new regulations would come into force this year.
More Regulation News
Rules Effective from April 2024
The new changes to customer statements came into effect from April 1st this year following the consultation process with partners.
The VGCCC has issued the penalty gaming operators face for any breach of the rules. Operators who fail to comply with the new guidelines will be liable for a fine of up to AUS $11,538.60 for each statement that is issued.
RELATED TOPICS: Regulation
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for VGCCC Issues New Rules for Operators Issuing Customer Statements