Victorian wagering account holders will now see their true spending and losses under new standards that specify how this information must be displayed on player activity statements.
The changes, implemented by the Victorian Gambling and Casino Control Commission (VGCCC), come after the Commission’s analysis of sample activity statements from a number of providers found inconsistencies in how information was presented.
In a statement the VGCCC said: “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 pay out amounts.
“Wagering providers will need to use plain English, avoid unnecessary jargon, and limit the use of colours 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 1 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, which is equivalent to $11,538.60 for each non-compliant activity statement issued.
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.”