UK Gambling Commission Mandates Quarterly Regulatory Reports
The change came into effect on July 1, 2024, and it mandates gambling operators to submit quarterly regulatory returns reports. This will help, among other things, gain insights into the current condition, shape, and size of the gambling sector in the UK.
Detailed Information and Implementation
The gambling regulator in the UK, the Gambling Commission (GC), announced the launch of a consultation on the frequency of regulatory returns back in March this year. At the time, the regulator sought to implement changes to the gambling licensees’ conditions related to reporting, effectively proposing a new regime.
Following the consultation, near the end of May, the GC published detailed information about the upcoming changes to regulatory returns reports by gambling suppliers. The new rules, the watchdog confirmed, were scheduled to come into effect as of July 1, 2024.
Gaining Insights into the Current State of the Gambling Sector
The gambling regulator acknowledged the importance of regulatory submissions by licensed operators in the country. It said that such reports help deliver insights about the current condition, shape, and size of the gambling sector in the country, among other benefits.
“Regulatory return submissions from gambling licensees are a vital source of information, providing an understanding of the size and shape of the gambling market in Great Britain as well as other key regulatory information,“ reads a statement released by the UK Gambling Commission.
Schedule
The gambling watchdog disclosed details regarding the reporting periods, pointing out that they will be “harmonized.” As a result, providers of gambling services will file reports outlining their returns for the following periods:
- April 1 through June 30
- July 1 through September 30
- October 1 through December 31
- January 1 through March 31
Besides the change to the reporting periods, the GC confirmed the removal of provisions related to the questions required for the regulatory return reports. This move is expected to simplify the reporting process for operators, ensuring that the required information is both comprehensive and easier to compile.
The change comes at a time when major sporting events will drive the UK gambling sector. Considering the coinciding Royal Ascot and Euro 2024, betting providers in the country are expected to record considerable growth.