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BGC: Compulsory Affordability Checks Threaten Regulated Betting and Gaming Industry, Warns Major Report by EY
Britain’s regulated betting and gaming sector has urged Government to publish a White Paper that delivers for business and punters, after a new study showed affordability checks are already hitting revenues.
Research by EY for the Betting and Gaming Council confirmed the sector remained robust despite the pandemic and was now weathering the energy crisis and cost of living crisis.
However, the enforcement of tougher affordability checks, have contributed to reduced revenues, the study said.
The report backs up recent polling which showed nearly 70% of people who place a bet said they would be unwilling to allow regulated firms to carry out compulsory affordability checks to prove they can afford to wager.
According to EY, despite the external pressures facing all businesses, which have been exacerbated by affordability checks, BGC members’ total Gross Value Added contribution to the UK economy was £7.1bn.
Meanwhile the industry supports 110,000 jobs on high streets, in hospitality and in global tech powerhouses.
The contribution to the Treasury from regulated betting and gaming remained significant at £4.2bn annually.
Across the industry, overall Gross Gambling Yield – total revenues after winnings have been paid but before costs are deducted – was slightly up on 2019 despite massive global volatility.
A new White Paper setting out new laws for the Gambling Industry is expected within weeks. In expectation of Government limits on spending, BGC members have already started applying more stringent checks, which are hitting revenues.
The EY study, noted: “Online GGY has declined since mid-2021, probably reflecting the re-opening of physical venues, the introduction of affordability checks on online, and the decline in real household incomes.”
The decline in the online regulated betting and gaming sector as a result of factors including the impact of affordability checks could push customers to the black market, the study warned.
The EY study, said these pressures, “could in turn lead to leakage to the black market, i.e. operators offering remote (mainly desktop and mobile) gambling products that do not hold a UK Gambling Commission license for remote gambling.”
European countries applying tough sanctions on betting, including restrictions on stakes, blanket affordability checks and curbs on advertising, have witnessed an increase in black market betting.
Norway’s black market now accounts for over 66% of all money staked, in France it is 57%, while in In Italy 23% of money bet is on illicit sites.
The figures have prompted renewed calls from the BGC to end the uncertainty presented by the Government’s delayed review of gambling laws, and ensure any new regulations put industry on a sustainable foundation for future growth.
CEO of the Betting and Gaming Council Michael Dugher said: “The UK’s regulated betting and gaming sector is a genuine global leader. Some 22.5m adults enjoy a wager, on the lottery, on bingo, on any number of sports, online and in casinos.
“Our members pump billions into the economy, support the Treasury with more billions and support over one hundred thousand jobs.
“But this contribution is never guaranteed. This industry needs to thrive if it is to maintain its status as a global leader.
“As ministers consider the regulatory framework for this industry, they should stop and think, and ensure the decisions they make support a sustainable future.
“This is a sector that is ready to invest, on hard-pressed high streets through bookmakers, in tourism and hospitality through world-class casinos and online where our tech giant members are looking to increase the number of apprentices they hire.
“We urge the Government to find an evidence-led, balanced White Paper that protects the vulnerable, allows the vast majority who bet safely to continue to do so, and crucially allows business to thrive.”
The Government has promised a White Paper outlining a review of current Gambling legislation within weeks.
The industry standards body, the BGC, has launched 20 standards and initiatives since it was established three years ago to drive up standards.
Michael Dugher added: “This industry is serious about safer gambling, and it’s encouraging that the rates of problem gambling among UK adults remains low by international standards at 0.3 percent.
“We want to see technology used to ensure checks on spending are carefully targeted towards the vulnerable, not the vast majority who show no signs of harm.
“But without Government clarity on affordability checks, our members are concerned they are driving frustrated customers to the unsafe, unregulated black market.
“These sites have none of the safer gambling tools employed by our members, do nothing to protect young people, don’t invest anything in the sports we love like horse racing, rugby, darts and football and crucially don’t contribute a penny in tax.”
Blockchain
Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity
Kore Digital Mining Ltd, a UK based Bitcoin mining company, announces that effective 1st May 2024, an additional 14 PH/s mining capacity will be added to its existing infrastructure.
This additional capacity will be provided by a major Bitcoin mining corporation and will be operational until 30th June 2024.
Derek Nisbet, Kore’s Founder & CEO, said – “We are pleased to work with a leading Bitcoin Miner in securing a large amount of mining capacity, for a 2 month trial period. We look forward to hopefully extending this period and engaging more with major mining corporations offering Bitcoin hashing opportunities, in the future.”
This additional 14PH/s Bitcoin mining capacity adds to the existing 2 PH/s currently operational with Kore’s own infrastructure and an additional 4 PH/s is due to be added over the next quarter, totalling 20 PH/s.
Latest News
The Benefits of Playing at EU Casinos
There are many EU casinos that not only attract players from Europe itself but also from countries around the world, including the US, UK, and even those from countries where online gambling isn’t permitted. So why is it that EU casinos are so popular? What drives the online gambling community to these casinos?
Well, that’s what we’re going to be looking at today. What’s so attractive about EU casinos to people who are looking for an immersive and entertaining online casino experience? Why do people in the USA, the home of Las Vegas, go outside of the USA to play at online casinos?
Benefits of EU casinos
Online gambling is by far one of the most popular methods of gambling online. Throughout Europe, specific laws in each country can vary, so access to land-based casinos can sometimes be few and far between. Thus, going online to enjoy a casino experience has become a more preferable option. And so why EU casinos? Well, for those who are joining EU casinos from outside Europe and not from the UK or the US, the English-based support and customer service are very attractive. A lot of people who play at EU casinos access it using a VPN or from a country where they don’t have any domestic online casinos, and most of the time English is their first language or one that they can understand.
The next attractive factor regarding EU online casinos is safety and security. Each online casino in the EU is strictly regulated and licensed. It’s this reassurance that a lot of players look for when choosing an online casino to go to and play at. They are held to the same strict and high standards as those of their British counterparts in the UK, which are upheld and monitored by the UK Gambling Commission. In the EU, a lot of the casinos are also regulated by either the Malta Gaming Authority or the Curacao Gaming Licence Authority. All of which share the same standards and expectations as other authorities across theglobe,e which ensures that all players playing online at EU casino websites.
The casinos that are available online in the EU are also very open to a lot of different payment methods. There are even some crypto casinos where you can play casino games online with cryptocurrency. This openness to accepting a lot of different payment methods means a lot to people who like to play at online casinos. The vast majority of them also pride themselves on providing very quick withdrawals, which are measured in hours rather than days. After all, there is nothing more frustrating than having a big win and then having to wait days to get your hard-fought winnings.
And lastly, bonuses and promotions. The vast majority of EU online casinos will have a wide range of different bonuses and promotions that you can sign up for and take advantage of. There are certain countries, such as Sweden, where the online casinos are strictly limited to one bonus or one promotion; however, the vast majority of EU casinos are not subject to such restrictions and offer a great online casino experience.
When it comes to the popularity of EU online casinos, it is growing year on year. There is plenty going in their favour and more people than ever before are shifting to online casinos rather than having to go down to the casino themselves. The fact that they can access these EU casinos from their smartphones, wherever they are, means it’s easier than ever before to win big at a casino online and have a good time.
Latest News
William Hill Announced as Official Betting Partner of Qipco Guineas Festival
Leading bookmaker becomes official betting partner of first UK Classic meeting of 2024
William Hill has been announced as the new official betting partner of the Qipco Guineas Festival, the first UK Classic meeting of the season.
It’s the latest addition to William Hill’s spring racing roster, following sponsorship of The Lincoln Handicap at Doncaster, the Punchestown Champion Chase and its status as official betting partner of the Randox Grand National Festival.
The 2,000 and 1,000 Guineas headline the three-day meeting and the leading bookmaker will sponsor 15 races across the weekend with the Jockey Club Stakes, Palace House and Dahlia Stakes among the races now featuring the William Hill title.
Aidan O’Brien’s unbeaten superstar City of Troy is still all the rage for the 2,000 Guineas at 4/6 whereas Karl Burke’s Fallen Angel heads a competitive looking 1,000 Guineas market at 7/2.
“We’re delighted to become the official betting partner of the Qipco Guineas Festival, strengthening our relationship with The Jockey Club on the back of a fantastic Grand National Festival,” a spokesperson for William Hill, Lee Phelps, said. “It’s brilliant for William Hill to be associated directly with such a prestigious event at Newmarket, the home of the thoroughbred, for this season’s first two Classics. The company has a close connection with the history of the 2,000 Guineas as William Hill himself bred the 1949 winner, Nimbus, who then went on to win the Derby.
“We’re excited to be involved at racing’s key meetings and see the Qipco Guineas Festival as the perfect sponsorship as the British flat season kicks into gear.”
Newmarket – 2,000 Guineas: May 4, 2024
City Of Troy | 4/6 |
Rosallion | 4/1 |
Notable Speech | 12/1 |
Henry Longfellow | 12/1 |
Night Raider | 16/1 |
Alyanaabi | 16/1 |
Ancient Wisdom | 16/1 |
Task Force | 16/1 |
Ghostwriter | 16/1 |
Iberian | 20/1 |
BAR | 25/1 |
Newmarket – 1,000 Guineas: May 5, 2024
Fallen Angel | 7/2 |
Ylang Ylang | 4/1 |
Dance Sequence | 5/1 |
Ramatuelle | 10/1 |
See The Fire | 12/1 |
Content | 12/1 |
One Look | 14/1 |
Pretty Crystal | 14/1 |
Buttons | 20/1 |
Purple Lily | 20/1 |
Porta Fortuna | 20/1 |
Star Style | 20/1 |
BAR | 25/1 |
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