Gambling Commission Addresses Misconceptions Surrounding Affordability Assessments
The UKs Gambling Commission (GC) has been at odds with the Racing Post over coverage of a proposed risk assessment. They issued an open letter to address misconceptions surrounding the ongoing debate.
The GC asserted that the Racing Post presented a “biased perspective” to its readership. They also claimed the publication declined to print their rebuttal to the article.
Since its unveiling in April, the financial risk check, also known as an affordability assessment, has been a central topic in the Gambling Act review.
The Racing Post’s editor, Tom Kerr, responded on X (formerly Twitter).
He stated: “We informed the GC that we wouldn’t publish their letter if it claimed we were inaccurate in our reporting.”
“That’s precisely what the letter does. It merely reiterates the points in the review document without addressing the numerous concerns raised by Racing Post readers. In fact, it disregards these concerns and labels them unfounded.”
Financial assessment
The group insists in a formal letter that the assertion that “a substantial portion of gambling customers are mandated to submit pay stubs or bank records when placing wagers” is inaccurate.
The group underscores that only a minuscule fraction (0.3%) of account holders will be requested to furnish supplementary financial details, and roughly 90% of financial risk evaluations will be carried out through credit rating organizations and open banking. The group declares: “Few remarks have highlighted that these propositions solely pertain to online gambling.”
“It is widely believed that credit inquiries impact credit ratings and can potentially diminish credit scores. […] These soft credit checks will not.”
Andrew Rhodes, the group’s leading executive, remarked earlier this month that affordability checks were dominating the gambling act review discussion.
**Countering “Misinformation”**
Rhodes recently declared that the regulatory body has encountered “a considerable amount of misinformation in the media and on social media.” Consequently, the group has disseminated a series of Q&As on its online platform to “aid in responding during… the consultation.”
Last month, Rhodes censured the “misuse of gambling statistics” to bolster specific political outcomes.
Key aspects of the propositions encompass “frictionless financial risk assessments for an estimated 3% of gambling accounts.”
Its a wise move to conduct a swift financial risk assessment on a fifth of your accounts using publicly accessible data.
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