Gaming regulators in the Australian state of Victoria have implemented a new standard for wagering account holders, allowing them to update their ‘true spending and losses’ information displayed on player activity statements.
According to the press release issued on Monday, these changes come after the Victorian Gambling and Casino Control Commission (VGCCC) analyzed sample activity statements across a number of providers and found inconsistencies in how information was presented.
‘Account holders will more clearly see how much of their own money they have lost, with free and bonus bets excluded from net loss figures on their monthly statement.’
‘Net wins will also be more accurate, with stakes (the money spent in placing the bet) being deducted from payout amounts.’
Wagering providers will need to use plain English, avoid unnecessary jargon, and limit the use of colors to black and red (to show losses). The same gambling harm taglines that appear at the end of wagering gambling advertisements must also be displayed on each statement.
Following an extensive implementation period, from 1st April 2024, all wagering providers operating in Victoria are required to comply with the new standards. Non-compliance could attract a penalty of 60 penalty units, equivalent to AU$11,538.60 ($7,596) for each non-compliant activity statement issued.
These requirements will strengthen how wagering service providers comply with the National Consumer Protection Framework and the Victorian Harm Minimization Ministerial Directions.
VGCCC CEO Annette Kimmitt AM said: “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.”
