On September 30th, 2020, the UK Gambling Commission announced a brand new set of rules to regulate VIP gambling within its jurisdiction. The new rules are a result of broad consultations with all gambling stakeholders in the UK. Therefore, those planning to go full throttle on those attractive VIP casino programs in 2021, better read this article first.
In the vast world of online gambling, there are those players who spend large sums of money more often than others. As a result, these players’ accounts are usually promoted to VIP status. This is just one of the many online casino rewards that players get to encourage them to keep playing. VIP accounts enjoy special treatment such as getting personal account managers, invitations to specific promotions, fast deposits and withdrawals, and so on.
However, VIP promotions have come under tight scrutiny from various quotas. Critics claim they encourage players to bet more than they actually have. The objective is to keep on playing to get the attractive VIP offers. In the end, it may lead to gambling addiction and, in worst-case scenarios, bankruptcy.
The UKGC didn’t just wake up one morning and come up with strict regulations for VIP gamblers. According to their research, every £4 out of £5 earned by casino operators is generated by VIP players. In fact, one casino site reported that VIP players constitute only 2% of the total number of active players, but they place more than 80% of the total wagers. Another casino reported that its 3% VIP player accounts make up 48% of the total bets.
The UKGC launched a survey to find out from punters what treatment they would like to get when they become high-value customers. As a result of the consultation, the body came up with new rules to regulate VIP gambling. For many, this is another golden chance for the UK gambling scene to put its house in order.
According to the new rules, the casino operator will ensure that a gambler can easily afford high spending when promoted to VIP status. The casino will conduct a thorough ID verification process and identify the player’s occupation and source of funds. Every casino with a VIP program will also appoint an executive with a Personal Management License (PML) to oversee the VIP schemes and make sure they are transparent.
The BGC (Betting & Gaming Council), the representative for all online gambling businesses and physical betting shops in the UK, welcomed the move wholeheartedly. According to Michael Dugher, the CEO of BGC, the new code of conduct will see VIP player accounts drop by at least 70%. He said that this is proof enough that the UKGC is committed to upping the UK gambling industry standards.
Fortunately, the new rules by the UKGC won’t make VIP gambling illegal. Instead, bettors will enjoy a more secure and responsible gambling environment. Online casinos will now tailor their VIP programs to benefit all parties involved. It is a great win for casino players!