Gambling Industry to Suffer £895 Million Loss Due to White Paper Reforms

Flutter CEO Peter Jackson stated that his company will cooperate with the Government to try to influence the final version that is passed into legislation

Gambling Industry to Suffer £895 Million Loss Due to White Paper Reforms

The largest betting company, Flutter, claimed it has previously implemented measures that were comparable to several of the recommendations. These included a £10 restriction on bets made on online slots (the Government is suggesting a ceiling of between £2 and £15), these measures; and checking on higher-spending gamblers.

It claimed that these adjustments cost it some £150 million in revenue per year.

However, it said that the measures made public today will raise costs by an additional £50 million to £100 million, bringing the whole effect to between £200 million and £250 million.

Flutter CEO Peter Jackson stated that his company will cooperate with the Government to try to influence the final version that is passed into legislation, since several of the suggestions, including the slot stake cap, are scheduled to be made available for consultation.

“We will constructively engage with the Government and Gambling Commission as part of the subsequent industry consultation process, with a focus on providing support to the minority at risk of gambling harm without interfering disproportionately with the enjoyment of the vast majority,” he said.

“We encourage the regulator to look at what more it can do to tackle the problem of the growing number of unlicensed and unregulated gambling companies targeting at-risk gamblers across the country.

“It is important to get new regulation right from the start, as it will ultimately provide the certainty our industry needs to continue investing in jobs and in further growing the UK’s lead in digital innovation in our rapidly evolving market.”