New Gambling Commission Requirements for Quarterly Reporting

Starting from July 1, 2024, the UK Gambling Commission has mandated that licence holders must submit regulatory returns on a quarterly basis.

Submitting accurate and complete regulatory returns is essential for maintaining a gambling licence, whether for online or land-based casinos. Misrepresentation or failure to provide the required information without a valid excuse constitutes an offence under section 342 of the Gambling Act 2005.Licensees are now required to file their returns within 28 days after the end of each quarter. The initial reporting period will cover from July 1 to September 30, 2024, with returns due by October 28, 2024. This new schedule applies to all licensees, including those who previously submitted annual returns. Additionally, any previous returns covering data up to June 30, 2024, must be submitted by either July 28 or August 11, 2024.The Gambling Commission, alongside the Betting and Gaming Council (BGC), has also introduced new measures to mitigate gambling-related financial harm. These measures include financial vulnerability checks and stricter age verification processes. The BGC’s voluntary Code on Customer Checks aims to guide operators in interacting with high-deposit players and implementing intervention measures for at-risk individuals.These changes coincide with the Gambling Commission’s investigation into an aide of UK Prime Minister Rishi Sunak for allegedly betting on an election date before its official announcement. The Conservative Party has faced significant setbacks in the 2024 General Election, leading to Rishi Sunak’s resignation as party leader. The Labour Party, led by Keir Starmer, achieved a landslide victory, resulting in a review of the gambling industry white paper, which was not a major focus in Labour’s manifesto.Those who legally or illegally bet on the election date might have gambled on the outcome, which has left many politicians out of their jobs.