W2 launches Affordability for Gambling Tool
The compliance services provider is getting in ahead of the release of the UK government’s gambling white paper.
UK.- The regulatory compliance services provider W2 has announced the launch of an “Affordability for Gambling Tool” which it says is designed to address an expected requirement for enhanced affordability checks in the UK government’s review of gambling legislation.
The company says the product is designed to give a “clear picture” without being overly intrusive for players. The tool uses multiple data assets covering customers’ demographic, geographic and individual backgrounds where available to offer insights into “multiple affordability indicators”.
It says the tool allows checks on previous loans and can verify player circumstances and declared income without needing documentation. It’s developed the tool with Crucial Compliance and nChain.
UK gambling minister Chris Philp has firmly hinted that enhanced affordability measures will be on the cards in the government’s much-delayed gambling white paper following its review of the 2005 Gambling Act, although he’s suggested that the threshold will be higher than the £100 previously proposed by the Gambling Commission.
W2 stressed that the UK Gambling Commission (UKGC) has issued more than £54m in fines to British licensees over the past two years due to player protection and compliance failures.
W2 CEO and founder Warren Russell said: “While we still wait with bated breath for the Gambling Commission to publish the result of its consultation on the Gambling Act 2005, it is clear that requirements around affordability are going to change and that operators will be required to do much more.
“Our Affordability for Gambling Tool has been developed to give operators a crystal-clear picture of the affordability of individual players but in a way that is not intrusive and does not impact their journey when signing up to a brand.
“This means that operators can meet any new requirements that come into force and avoid any potential fines and reputation damage they may be subject to in the event of non-compliance, whilst ensuring they build a true picture of their players.”
Other changes expected in the gambling white paper are restrictions on advertising in sports, stake limits for online slots and the creation of a single customer view to allow data-sharing across the industry.
