2024: What happens next?
Another year draws to a close in much the same way as it began, with regulators, operators, and industry figures locked in earnest arguments about financial risk checks.
As is traditional at this time of year, we’re looking ahead and taking an educated guess at what the next 12 months is likely to bring when it comes to the general topic of player protection in gambling. Some of this may end up appearing laughably wide of the mark this time next year, but a good deal probably won’t.
So without further ado, here are four predictions for 2024 - or one big one and three little ones!
- Nothing
In with a bullet at number one is our old reliable ‘nothing’. More specifically, I predict that in December 2024 we will have no conclusive guidance around how financial risk checks should be conducted, no agreed system mandated by the UK Gambling Commission will be in place, and we will be pretty much where we are today.
Think about it. A petition of over 100,000 signatures opposing affordability checks has successfully been presented to the government, meaning further debate must happen in parliament. We’re still no nearer a clear understanding of when and how these checks will be introduced, and to cap it all off, 2024 is an election year.
I would be amazed if there was significantly more clarity in December 2024 than there is now. What I do know is that the requirement to perform these checks, which exists right now, will not go away. And I don’t think a Labour government would reverse the direction of travel either. If anything, it will accelerate it.
In terms of what all this means, it’s simple. Don’t spend another 12 months haemorrhaging customers when conducting financial checks while you wait for the UK Government to do something. Act now to put fast and secure processes in place that retain as many customers as possible.
- Single checks become normalised
One thing we have noticed on our travels is the growing realisation that source of funds and financial vulnerability checks essentially involve looking at the same documents at roughly the same point in the customer journey. But despite this, government, regulators and opinion formers still struggle to consider them as a single ‘job’.
We think that will change. By considering all checks that involve the viewing of financial data (bank statements) as a single task, it is possible to greatly simplify the customer journey. Indeed, the technology to perform these checks in a fa