The Betting and Gaming Council (BGC) has unveiled an International Best Practice Guide designed for global policymakers, detailing essential policy objectives for regulating online gambling. The guide was developed by the professional consulting firm Alvarez and Marsal.
The comprehensive guide compares regulatory approaches from various markets, providing a valuable body of evidence for analysis. Grainne Hurst, CEO of BGC, noted the significance of the initiative, stating: “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.”
Hurst highlighted the potential advantages of effective 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.”
The guide outlines several key objectives for regulators, including:
– High Channelisation: Encouraging gaming to occur within regulated markets.
– Consumer Protection: Implementing robust measures to safeguard young people and vulnerable individuals.
– Preserving Consumer Choice: Maintaining competition within the market.
– Keeping Gambling Crime-Free: Ensuring integrity in sports and gambling activities.
– Raising Tax Revenue: Encouraging operators to invest in the markets where they operate.
Hurst pointed to the positive impact of balanced regulations in the UK, stating: “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.
“But the risk posed by the wrong regulatory balance can undermine that good work, and give a foothold to the growing unsafe, illegal gambling black market, which is an ever-present threat in the UK.”
A recent BGC study revealed that over 1.5 million players in the UK spend a total of £4.3 billion annually ($5.6 billion) on illicit gambling services, underscoring the importance of effective regulation.
Pierre Tournier, BGC International Director, characterized the online gaming market as a “complex landscape” with various regulatory choices. He noted: “But for too long there has been a crucial evidence gap when those choices are considered by policymakers.”
Tournier expressed hope that the guide would help bridge this gap. “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.”