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VGCCC’s new betting rules aim to improve transparency
For those who wager on sports or racing, the Victorian Gambling and Casino Control Commission in Australia has implemented additional regulations.
The purpose of these guidelines is to make it easier for bettors to see how much money they are winning and losing.
Annette Kimmitt AM, CEO of the VGCCC, claims that the new regulations will make it simpler for wagerers to determine how much of their own money they have lost without factoring in free or bonus bets. In order to more accurately display the victories, the regulations will also ensure that the amount wagered is deducted from the amount earned.
The information on betting statements should be easier to read, thus betting organizations should avoid employing complicated language and limit their use of color to black and red to indicate losses. Additionally, they must include warnings regarding the dangers of gambling on the statements.
All Victoria-based betting companies will have to abide by these new regulations as of the first of April 2024. They risk paying significant penalties if they don’t. These guidelines are designed to provide bettors a better understanding of their expenses so they may make wiser gambling decisions.
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