UKGC publishes open letter to Racing Post readers
The UKGC has recently published a letter aimed at the readers of the racing post, clarifying one of its recent consultations.
The regulatory authority started the piece by writing about why it has chosen to publish an open letter, with the main reason being that the Racing Post, a popular horse racing media website in the United Kingdom, has been publishing “imbalanced” articles about the UKGC’s ongoing consultation involving financial risk reviews for the past little while. The authority wrote that it aims to clarify any misunderstandings to ensure that the media firm’s readers could approach the issue with appropriate and up-to-date knowledge.
The first point covered by the regulator involved the prevalence of the reviews, with the UKGC mentioning that only 3% of all user accounts would need to pass them. Additionally, only 10% of those users would have to go through an invasive process potentially involving bank statement submissions, meaning that 99.7% of all gamblers in the country would not be asked to provide any sensitive information.
The second point involved the misconception that these proposed checks would apply to all gambling verticals, including land-based betting. However, the regulator clarified that this is not the case and that the proposed checks would only be carried out for gambling enthusiasts enjoying the pastime online.
Lastly, the authority addressed concerns that these checks could negatively impact players’ credit scores, stating that they would have no negative effects and that no behavioral data would be shared with various financial firms as part of the checks.