GVC Boosts Responsible Gambling Measures After Player Surge
GVC Holdings which is one of the biggest gambling operators in the world has now announced that it will be shoring up its responsible gambling standards. This comes in response to a surge of new customers signing up at their online casinos. This surge is directly related to the COVID-19 pandemic lockdown which is keeping people at home.
GVC’s announcement came at the heels of the unveiling of a 10-pledge action plan by the Betting and Gaming Council (BGC)—an independent body whose members are comprised by different sectors of the UK’s gambling industry. The BGC’s plan laid out the norms that they expect their members to uphold, including a call to all gambling operators in the UK to improve customer protection and advertise responsibly.
Online casinos’ revenues have increased sharply in recent weeks, due to lockdowns to quell the spread of the coronavirus—people stuck at home have flocked to online casinos. This has caused anti-gambling groups to question the online gambling operators as they fear many iGaming operators would capitalize on the situation by lowering their responsible gambling standards.
GVC has stated that they will be upping their responsible gambling standards in the coming days. Currently, GVC offers standard tools such as limits on gambling time and deposit amounts, as well as self-exclusion from gambling or advertisements for a specified period of time. GVC will also add tools over the new few weeks to set curfews on gambling, impose a stake limit on slots, and reverse withdrawal settings.
GVC will also be adding two new Markers of Harm to their safe gambling algorithm, which is aimed at identifying potential problem gamblers to protect them. GVC will also be stepping up their messaging, conducting campaigns to promote responsible gambling. They will also take charge on their advertisements, and will not allow any of their affiliates to promote online casino play due to the ongoing pandemic.
GVC Will Take Hit In 2020
GVC is set to take a big hit in 2020 due to the suspension or cancellation of live sports events and other non-essential businesses due to COVID-19. Because of the absence of sports events to bet on, GVC expects its full year EBITDA to eat a loss of £130-150 million.
The closure of GVC’s UK betting shops will also lead to a loss of up to £50 million a month. The suspension of all horse racing events in the UK will also lead to a deficit of up to £25 million a month for GVC.
Carolyn DuttonAuthor
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
