Videoslots Introduces Compulsory Loss Limit
Online casino Videoslots.com has introduced a mandatory loss limit for all UK players, strengthening it’s commitment to responsible gaming. The move comes as the industry faces mounting pressure to protect players affected by the coronavirus crisis. The operator’s new rules mean that players will have to set their monthly loss limits before they can play any casino games.
Improving Player Protections
Customers at Videoslots.com will now find that they have to put in place monthly loss limits before they can place bets or play their favorite games. The rule goes for all Videoslots accounts in the UK, so it will be compulsory for new players and VIP players alike.
“Playing on Videoslots.com should be a safe and enjoyable form of entertainment and that’s why we’ve made loss limits mandatory.”
Players will be able to choose their own loss limits, to suit their playing needs. Once that decision has been made, players will not be able to adjust the limits for seven days. During this period, the responsible gambling team at Videoslots will get in touch with players.
It is the job of this team to ensure that players at Videoslots are able to gamble responsibly and within their means. In doing so, Videoslots aims to protect players from gambling harms and make sure that the casino is both safe and fun.
“Prompted by the pandemic while understanding it’s the right thing to do as the industry moves forward regardless, this addition is another way to further protect our players, especially during these tough times. We expect other operators to follow suit.”– Alexander Stevendahl, CEO, Videoslots.com
Videoslots.com is popular online casino, holding licenses in Malta and Sweden as well as the UK. Innovation and customer service are at the heart of this company. It’s Max Bet Protection limit is an industry first, in which players can set caps on how much they can bet per spin or go in an online game. Such measures are useful in allowing the customer to control the rate of their spending.
With over 3,800 slots and table games available to play, it is unsurprising that this casino has won an array of coveted awards. It has won the title of ‘Best Casino’ four times at the Casinomeister awards, as well as ‘Best Casino Manager’ and ‘Best Gaming Experience’. In 2017, Videoslots was also named ‘Best Slots Operator’ at the International Gaming Awards.
While Videoslots.com has built its reputation on responsible gambling, it hopes that other online casinos will follow suit in protecting players during the COVID-19 pandemic. Operators in the UK are facing intense scrutiny at the moment, as campaigners and critics continue to push for a fairer and safe gambling industry.
Campaigners Push for Online Stake Limits
During the coronavirus pandemic, the gambling industry has been negatively impacted by cancelled sporting events, such as the Tokyo Olympics and Wimbledon. However, it is thought that many disappointed sport bettors will turn their sights to online casinos in search of gambling opportunities. While this could be a boon for operators, it could also cause problems for vulnerable gamblers.
Speaking to UK broadsheet, The Times, Sir Iain Duncan Smith and Carolyn Harris called on the industry to boost player protections. The pair are both MPs and lead the Gambling Related Harm APPG, which aims to investigate issues around problem gambling and campaign for reform.
Their joint column in the paper warned that gambling harms could rise as “bored punters” head online to fulfill their wagering needs. On the high street, some limits have been put in place to reign in gambling deposits. Since April 2019, the maximum bet on fixed odds betting terminals has been capped at £2. While this marks significant progress for campaigners, no such limit exists online.
“It is possible to bet thousands of pounds in a matter of minutes from a mobile phone with no supervision. The rules of the game are tipped in favor of the online bookies and casinos.”
The open letter goes on to criticize the regulator for not going far enough to tackle problem gambling. In the UK, it is estimated that 1.8 million gamblers are “at risk”, while 395,000 can be classified as problem gamblers. It is these people that face increased risk while in social isolation.
Smith and Harris have called on the gambling industry to impose a mandatory online stake limit of £2, as well as stricter deposit limits. By reducing individual stakes, it is hope that the overall rate of gambling spend can be reduced. The move would also prevent players from chasing losses by upping bets.
It remains to be seen whether the suggested online stake limit will be put in place, but the Gambling Commission has said that it is looking into the matter. In February, regulator boss Neil McArthur said that a decision would be made over the course of the next six months.
For now, it is up to gambling companies to act responsibly during the coronavirus crisis and ensure that their marketing practices stay within regulatory rules. Operators like Videoslots serve as an important reminder that it is possible to run a successful gambling business without harming players.