UKGC Set To Implement More Changes for iGaming Operators

Article by : Erik Gibbs Apr 1, 2024

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Starting July 1, the UK Gambling Commission (UKGC) has enforced a requirement for all license holders to submit regulatory returns quarterly. This directive stems from a comprehensive ‘consultation response’ aimed at evaluating the frequency of regulatory reporting by license holders.

Consequently, the Commission will revise Licence Condition 15.3.1 to enforce quarterly submissions, fostering greater consistency in reporting periods and unified submission deadlines.

The shift to quarterly submissions is anticipated to bolster the Commission’s financial planning and forecasting capabilities by providing more frequent insights into income trends. Moreover, this approach will enable the Commission to gather data from operators more quickly and accurately, facilitating a deeper understanding of industry dynamics and trends.

To streamline the submission activities, the Commission plans to simplify the returns process, ensuring easier maintenance of the system. This initiative is aligned with the Commission’s overarching goal of harmonizing reporting periods and enhancing the quality of industry statistics.

Acknowledging potential concerns regarding increased administrative burdens, particularly within the lottery sector, the UKGC is committed to addressing these apprehensions through transparent processes and comprehensive guidance.

Through these measures, the UKGC aims to assuage stakeholder concerns and ensure a smooth transition to the new reporting framework. In addition, to enhance efficiency, the commission is set to streamline submission timelines across all licenses, aiming to eliminate approximately 600 requirements.

Central to this effort is the adoption of a standardized 28-day deadline for quarterly data submissions, a move designed to maintain consistency with existing practices while offering ample time for compliance.

With the implementation date slated for July 1, the UKGC emphasizes the importance of clear communication and robust support to licensees as they navigate these changes.

While acknowledging that some licensees may have preferred a 42-day submission window, the Commission asserts that the shorter timeframe of 28 days is deemed sufficient for collating and submitting quarterly data.

This transition to quarterly returns reflects the Commission’s commitment to a risk-based, evidence-led and outcome-focused regulatory approach.

By enhancing its responsiveness to market dynamics and regulatory shifts while also elevating data quality for stakeholders, the Commission aims to foster a more transparent and accountable gambling environment.