Victorian bookies in strict new rules involving betting statements
Bonus bets will be excluded from the wagering activity statements of Victorian account holders in a move to reflect true gambling wins and losses.
From 1 April, all wagering providers operating in Victoria are required to comply with new Victorian Gambling and Casino Control Commission (VGCCC) standards.
The changes have been implemented after a VGCCC analysis revealed that a sample of activity statements from several wagering operators contained inconsistencies in the presentation of betting information.
Under the new guidelines, account holders will now be able to assess their true monthly spending and losses on their transaction history.
The inclusion of free bets and bonus bets will be prohibited from net loss figures, allowing punters to see how much of their own money they have lost.
Similarly, net wins will also be more accurate with a customer’s initial outlay deducted from payout amounts.
The use of unnecessary wagering jargon is also banned with operators made to use ‘plain English” alongside a simple colour-coded statement limited to black and red for wins and losses.
Gambling harm taglines that appear at the end of wagering advertisements must also be shown on each statement.
The VGCCC says these requirements will strengthen how wagering service providers comply with the National Consumer Protection Framework and the Victorian Harm Minimisation Ministerial Directions.
VGCCC chief executive Annette Kimmitt says the days of inconsistent player activity statements are over.
“Wagering account holders will be better informed about their spending – and therefore better equipped to make informed decisions about their gambling – thanks to the clarity and fairness these changes bring,’ she said.
Operators can face a fine of up to $11,538.60 for each non-compliant activity statement issued.
Warwick Barr
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