VGCCC Launches Inquiry to Modernize Bingo Regulations
The Victorian Gambling and Casino Control Commission (VGCCC), the regulator for the Australian state, has announced it wants to overhaul the regulation of the bingo market in the jurisdiction and has started an inquiry into the regulation of bingo, conducted in consultation with gaming operators.
VGCCC starts consultation to regulate the online bingo industry.
LISTEN TO THIS ARTICLE:The regulator is keen to collaborate with industry stakeholders and get feedback on the bingo industry in the state. This allows the legislature to introduce proposals for the bingo gaming sector and address any issues gaming companies may have about the changes.
The game of bingo is going through a boom period and it is estimated the revenue raised by the game was $107 million for FY23. VGCC says an investigation into the bingo market in the state is necessary because the online version has grown exponentially.
The regulator wants to ensure that the bingo offering in Victoria ensures fairness, integrity, and safety for all customers who wish to enjoy the game.
VGCCC to Assess Effectiveness of Current Regulation for Bingo
The VGCCC has stated that the consultation period with industry stakeholders will start in June this year and last for two months. The regulator has indicated it will welcome and evaluate input from all members of the online and land-based bingo industry.
There are several topics that the VGCCC has listed that are to form part of the consultation period. This includes the transition to an online model from a land-based offering and how current regulation works in a digital environment.
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Additionally, industry stakeholders are being asked what parts of the bingo market are functioning well and to give suggestions on how the sector could be improved. The VGCCC says a priority in the consultation is to investigate if the online bingo industry is a safe environment for young people.
In recent years, the commercial bingo landscape has modernized, transitioning from traditional paper-based gameplay to electronic enhancements with substantial jackpots Given this evolution, it is crucial for us to assess and address issues of fairness, integrity, and the potential for gambling harm, particularly among at-risk groups such as seniors, First Nations communities, women, and lower-income individuals. Despite regulatory oversight, we continue to receive reports and allegations of unlicensed operators and potentially fraudulent activities.
The VGCCC is constantly making regulatory changes to benefit customers. It recently changed gaming operator rules for issuing customer statements.
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