VGCCC introduces new rules for wagering account statements

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VGCCC introduces new rules for wagering account statements

The Victorian Gambling and Casino Control Commission (VGCCC) has implemented fresh guidelines regarding the presentation of activity statements to wagering account holders.

These standards mandate providers to utilize clear, straightforward language while minimizing unnecessary jargon. Furthermore, color usage is restricted to black and red to denote losses.

This initiative was prompted by the VGCCC’s discovery of discrepancies in how information was displayed on sample activity statements across various providers. Account holders must now have visibility into their personal loss amounts, excluding free and bonus bets from the net loss calculation. Additionally, net wins must be displayed after deducting stakes. Moreover, the gambling harm taglines featured at the conclusion of wagering advertisements are now mandatory on each statement.

Effective April 1, these new standards are enforceable, with non-compliant activity statements potentially incurring penalties of up to 60 penalty units, equivalent to AU$11,538.60 each.

Annette Kimmitt AM, CEO of VGCCC, remarked:

The era of inconsistent player activity statements has ended. Through these changes, wagering account holders will gain better insight into their spending habits, empowering them to make well-informed decisions regarding their gambling practices.