The House of Lords Select Committee will be reviewing the gambling industry, with the UK Gambling Commission (UKGC) leadership coming into question. The committee will be reviewing the industry including the social impact as well as economy.
A two hour evidence session will take place this week that will provide details into the gambling sector of the UK and how it is currently being regulated. The session is part of a year-long investigation by the Committee into the industry, being led by Lord Michael Grade of Yarmouth.
The Committee is working to find reliable facts regarding industry factors and dynamics to be able to developer better frameworks for regulations as well as future oversight. The leadership of the UKGC will come into question regarding their approach to governing the industry as well as the their relationship with incumbents. Both dynamics have been questioned by the MPs of the All-Party Parliamentary Group for Gambling Related Harm.
The UKGC has been subject to criticism regarding their relationship with GVC Holdings and allowing the company to create the Code of Conduct which focuses on player rewards in the industry, stating the decision was a conflict of interest.
During the session, questioning will take place regarding the regulatory policies of the UKGC involving penalties as well as how operator conduct is monitored. Focus will be placed on consumer protections and safeguards, ensuring licensed operators are upholding their end of licensing agreements.
The Committee will also be reviewing if the UKGC has the ability to stay on track with the constantly changing trends regarding technology in the industry along with habits of consumers, products and services.
Evidence was provided to the committee last week via several operators in the UK including GVC Holdings, Flutter, bet365 and William Hill. The betting operators stated to the committee that the collaboration between the industry and regulators is the most effective way to govern the sector and minimalize risk as well as protect customers.
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