UKGC CEO, Rhodes, calls for international joint efforts
Andrew Rhodes, CEO of the Gambling Commission, has urged for international coordination between regulators to enact greater regulatory measures.
Rhodes, who became part of GC in 2021, emphasized the significance of collaborative research and steps to strengthen regulation and decrease problem gambling in his statement during the ICE World Regulatory Briefing.
According to Rhodes, countless iGaming operators in the United Kingdom who do not achieve the criteria necessary among regulated markets may be found in other regions of the world as well. He stated:
“For some years, the game industry has been expanding. In the United Kingdom, we are witnessing a growth in the number of m&a transactions, as well as increasingly complicated ownership structures. We are not just policing global technology businesses, but also multinational corporations with vast resources and varied interests and drives.”
Limitation of gambling using credit cards, strengthened safety for High Value Customers, and other things are some of the ways that GC has handled industry challenges. He went on to stated:
“I Believe that this trend will continue, and that we will see even more tests of what is and is not gambling, in ways we have not seen before.”
Rhodes also highlighted innovative solutions such as cryptocurrencies and non-financial tokens (NFTs). He did not directly suggest that such things should be banned, but he did add that it is getting difficult to determine what is or is not gambling.
Gambling, like communications and economics, is becoming a global tech sector, apart from being just a pastime activity. He stated that the opportunity for development and novel solutions has never been stronger. However, neither has the potential for risk and danger.
In addition, the CEO expressed his shock at how numbers can be misapplied or misunderstood to support an argument in the industry sometimes, with less trust and allegations significantly more widespread. Having trustworthy, objective, and dependable voices will become increasingly vital, but more difficult to acquire, as the industry grows.
Rhodes concluded his speech by noting that they look forward to working together with the industry to achieve better outcomes, share more of what works, and assist each other safeguard against emerging vulnerabilities.