BGC launches first ever standards guide for international operators and regulators
Trade body’s International Best Practice Guide to be a “vital new resource” setting out core objectives for gambling policymakers around the world
The Betting and Gaming Council (BGC) has released its first ever International Best Practice Guide to be used by regulators and operators worldwide to drive up global standards.
The guide, commissioned by the BGC and compiled by professional services firm Alvarez and Marsal (A&M), lists the core objectives which all gambling regulators should look to achieve.
It lays out five key policy objectives as to how policymakers and regulators should be able to achieve respective goals.
Part of the guide focuses on high channelisation and how policymakers can ensure as much gambling as possible takes place in regulated markets.
It also outlines consumer protection recommendations, focusing on safeguarding young people and those suffering from gambling-related harm.
Also included are guidelines on preserving consumer choice by maintaining competition, raising tax revenue and keeping gambling crime free.
The BGC has said the guide will be a “single body of evidence to critically compare the wide variation in regulatory approaches to help inform decision making for policymakers”.
BGC CEO Grainne Hurst said: “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.
“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.”
Hurst, who began her tenure as BGC CEO last month, also cited the UK market as a success story for proper regulation.
She continued: “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.
“We are proud that BGC members are now a genuine global success story and a Great British export – that is the prize when the right regulatory foundations deliver sustainable success.”
A report commissioned by the BGC and published back in August claimed that 1.5 million British players are staking up to £4.3bn on the black market every year.