The Victorian Gambling and Casino Control Commission (VGCCC) has implemented a series of pivotal changes aimed at enhancing the transparency of player activity statements issued by Victorian sportsbook operators. These transformative adjustments, effective from April 1, 2024, were prompted by a VGCCC analysis revealing inconsistencies in how information was presented to wagering account holders.
Exclusion of Free and Bonus Bets from Net Loss Figures
To provide a more accurate representation of actual winnings and losses, monthly statements will now exclude free and bonus bets from net loss calculations. This adjustment ensures that account holders can clearly discern their true financial outcomes from gambling activities.
Deduction of Stakes from Payout Amounts
Stakes will be deducted from payout amounts to reflect net wins accurately. This modification helps prevent misinterpretation of overall gains by considering the actual amounts wagered.
Plain English and Clarity
Wagering providers are required to use plain English and avoid unnecessary jargon in their statements. This approach ensures that information is accessible and easily comprehensible to account holders.
Limited Color Use
The use of colors is restricted to black and red, with red specifically denoting losses. This visual cue simplifies the understanding of financial outcomes at a glance.
Inclusion of Gambling Harm Taglines
Each statement will prominently display the same gambling harm taglines as seen in wagering advertisements. This addition aims to raise awareness and promote responsible gambling practices among account holders.
Compliance and Penalties
Failure to adhere to these guidelines can result in fines of up to AU$11,538.60 (US$7,592) per non-compliant statement issued by operators. VGCCC CEO Annette Kimmitt emphasized the significance of these changes, affirming that they empower wagering account holders with clear, actionable insights into their gambling expenditure.
A Message of Clarity and Fairness
“The days of inconsistent player activity statements are over,” remarked VGCCC CEO Annette Kimmitt. “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.”