VGCCC introduces new rules for informing wagering account holders

Jenny Ortiz April 8, 2024

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VGCCC introduces new rules for informing wagering account holders

In a bid to enhance transparency and empower consumers, Victorian wagering account holders can now anticipate clearer and fairer player activity statements. The Victorian Gambling and Casino Control Commission (VGCCC) in Australia has unveiled new standards mandating how information on these statements must be presented, following an analysis that revealed inconsistencies across various providers.

According to the VGCCC, the revamped statements will offer account holders a more accurate depiction of their gambling expenditure. Annette Kimmitt AM, CEO of VGCCC, emphasized the significance of these changes, stating, “The days of inconsistent player activity statements are over.” She added, “Wagering account holders will be better informed about their spending – and therefore better equipped to make informed decisions about their gambling – thanks to the clarity and fairness these changes bring.”

Excluding free, bonus bets from net loss figures??

One significant change entails excluding free and bonus bets from net loss figures, providing users with a clearer understanding of their actual financial outlay. Additionally, net wins will be recalculated to deduct stakes from payout amounts, ensuring more precise representations.

Simple communication, display of gambling harm??

To further improve clarity, wagering providers are required to employ plain English, avoid unnecessary jargon, and limit the use of colours to black and red, which signify losses. Moreover, each statement must display gambling harm taglines, akin to those seen in gambling advertisements.

New rules in effect starting April 1??

Effective from April 1, 2024, all wagering providers operating in Victoria must comply with the new standards. Non-compliance could result in penalties of up to 60 penalty units, equivalent to approximately AUD11,538.60 (€7012.30) per non-compliant activity statement issued.

The VGCCC said these measures align with Australia’s National Consumer Protection Framework and the Victorian Harm Minimisation Ministerial Directions, aiming to strengthen consumer protection and mitigate gambling-related harm.

Call for a ban on gambling ads??

Meanwhile, in February, the VGCCC?pushed?for a ban on gambling advertisements following numerous complaints from parents who found their children engaging in gambling activities without their knowledge. Annette Kimmitt, the chief executive of VGCCC, voiced her support for the ban in a report by The Guardian, stating that parents often questioned why such a prohibition had not been put in place earlier.?