Regulatory compliance services provider W2 has developed an ‘Affordability for Gambling Tool’, designed to have a minimal impact on the customer journey for betting firms. 

Addressing an expected requirement for enhanced affordability as a result of the 2005 Gambling Act review, the company states its product has been built to create a ‘clear picture’ without being overly intrusive. 

The tool leverages multiple data assets covering customers’ demographic, geographic and individual backgrounds on a ‘where available’ basis, in order to gain insights into ‘multiple affordability indicators’ and enhance player protection.

Warren Russell, CEO & Founder at W2, said: “While we still wait with bated breath for the Gambling Commission to publish the result of its consultation on the Gambling Act 2005, it is clear that requirements around affordability are going to change and that operators will be required to do much more.

“Our Affordability for Gambling Tool has been developed to give operators a crystal-clear picture of the affordability of individual players but in a way that is not intrusive and does not impact their journey when signing up to a brand.

“This means that operators can meet any new requirements that come into force and avoid any potential fines and reputation damage they may be subject to in the event of non-compliance, whilst ensuring they build a true picture of their players.”

W2 noted that the UK Gambling Commission (UKGC) has handed out over £54 million in fines to British betting companies over the past two years for player protection and compliance failures. 

The firm has listed benefits of the tool as enabling checks on previous loans, monitoring player circumstances, verifying declared income without needing documentation and customising data consumption through API integration at onboarding and using triggers based on markets of harm. 

“We are delighted to be developing this solution and working with other industry experts in our partners Crucial Compliance and nChain to tackle these inherent issues collaboratively,” Russell concluded.

W2 developed its new product ahead of the publication of the Gambling Act review White Paper, with enhanced affordability checks an expected outcome of the regulatory overhaul. 

Although Gambling Minister Chris Philp described £100 monthly loss limits as unnecessary at GambleAware’s ninth annual conference at the tail end of last year, some form of affordability check is still expected to be introduced.