The Victorian Gambling and Casino Control Commission Introduces New Standards for Activity Statements
The Victorian Gambling and Casino Control Commission (VGCCC) has recently implemented new standards that aim to improve the presentation of activity statements provided to wagering account holders. These standards require providers to utilize plain English and to avoid the use of unnecessary vocabulary. Additionally, the use of colors is now limited to black and red in order to represent losses.
Upon examination of various samples of activity statements from different providers, the VGCCC identified inconsistencies in the way in which information was being displayed. As a result, the commission has taken necessary actions to enhance the clarity and fairness of these statements. It is imperative for account holders to have a clear understanding of their personal losses as well as the exclusion of free and bonus bets from net loss figures. Furthermore, net wins must be indicated after deducting the stakes. It is also essential for all activity statements to display the gambling harm taglines that are commonly seen at the end of wagering advertisements.
Effective April 1, the new standards are now in effect. Failure to comply with these standards could lead to penalties of 60 penalty units, equivalent to AU$11,538.60, for each non-compliant activity statement issued.
Annette Kimmitt AM, the CEO of VGCCC, expressed her satisfaction with the new standards, stating that “the days of inconsistent player activity statements are over.” With these changes, wagering account holders will gain a better understanding of their spending and be equipped to make informed decisions regarding their gambling activities.
Enhancing Transparency and Empowering Account Holders
The implementation of the new standards by the Victorian Gambling and Casino Control Commission marks a significant step towards improving transparency within the gambling industry. By requiring providers to present activity statements in plain English and avoiding unnecessary jargon, the commission aims to empower account holders with clear and concise information.
Prior to the introduction of these standards, inconsistencies were observed in the display of information on activity statements from different providers. This lack of uniformity made it difficult for account holders to comprehend their financial status accurately. With the new standards in place, individuals can now identify the exact amount of money they have lost, excluding any free or bonus bets.
Moreover, net wins must be displayed after deducting the stakes, providing a more accurate representation of overall gambling outcomes. By highlighting the net losses and net wins separately, account holders can gain a comprehensive understanding of their gambling activities and make more informed decisions moving forward.
In addition to the clarification of financial data, the inclusion of gambling harm taglines on every activity statement serves as a reminder of the potential risks associated with excessive gambling. This measure aims to promote responsible gambling practices and ensure that account holders remain aware of the potential impact on their well-being.
Urgency for Compliance and Consequences
The new standards implemented by the VGCCC came into force on April 1 and are mandatory for all wagering account providers. The commission emphasizes the importance of compliance with these standards to ensure consistent and accurate reporting of activity statements.
Failure to comply with the new standards can result in significant penalties. Each non-compliant activity statement issued may lead to a penalty of 60 penalty units, equivalent to AU$11,538.60. This financial consequence highlights the seriousness placed on accurate presentation and transparency in activity statements.
Account holders can now expect to receive activity statements that adhere to the newly established standards. These statements will provide clarity regarding personal losses, exclusion of free and bonus bets, and proper indication of net wins after stake deduction. By standardizing and simplifying the presentation of information, the VGCCC aims to ensure that account holders are well-informed about their gambling habits and can make responsible decisions accordingly.