Betting crackdown 'will drive punters to offshore sites'
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작성자 Bettina 작성일 24-08-25 16:41 조회 5 댓글 0본문
The boss of William Hill has warned that if there is a 'draconian' crackdown on online slot machines it will drive punters to less safe betting sites.
The bookmaker announced this week that it was planning to close about 700 betting shops on the high street, putting 4,500 jobs under threat.
It blamed the clampdown on controversial fixed-odds betting terminals, which are said to be so addictive that they have been dubbed the 'crack cocaine' of gambling.
The bookmaker announced this week that it was planning to close about 700 betting shops
Bookmakers now fear campaigners will shift their focus to online slot games.
William Hill's chief executive Philip Bowcock said technology - such as the tracking of player activity by algorithms - had made gambling online much safer.
He warned that tighter regulations online would only serve to push customers towards offshore and unregulated operators.
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'We are engaged in a continual process of strengthening our processes and evolving our approach to safer gambling,' Bowcock told The Mail on Sunday. 'But unfortunately it suits some to ignore the strong progress being made.
'Regulation is a good thing but the balance that has to be struck is between keeping people in a safe environment and driving them to offshore and unregulated environments - a very real risk if restrictions are too draconian.'
He referred to a pledge made last week by the UK's five biggest firms to increase the percentage of profits they spend on helping to tackle problem gambling from 0.1 per cent to 1 per cent by 2023, which is expected to raise about £60 million.
Bowcock added: 'The leading operators in the sector are now setting strong standards - evidenced by the commitment to further safer gambling measures and funding of treatment.
'The regulatory focus should now be on the long tail of operators to ensure they match these standards.'
Ladbrokes and Coral owner GVC have already said as many as 900 of their shops could close as a result of the new rules introduced by the Government in April which reduced the maximum stake on FOBTs from £100 to £2. Betfred said as many as 500 of its shops could be facing closure.
The crackdown on FOBTs will cost Britain's biggest three gambling firms £380 million a year, according to research by Deutsche Bank.
The investment bank's analysts estimate the wave of strict Government regulations introduced since 2014 has now slashed a total of more than £1billion off the profits of GVC, William Hill and Paddy Power owner Flutter Entertainment. The share prices of those companies have all suffered in the past year.
William Hill generates more than 15 per cent of its revenues from online slot games played in the UK. MPs have threatened to limit deposits, VNwin customer bonuses and maximum bets.
On Monday, the House of Lords launched an inquiry led by former BBC controller Lord Grade into the gambling industry.
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The bookmaker announced this week that it was planning to close about 700 betting shops on the high street, putting 4,500 jobs under threat.
It blamed the clampdown on controversial fixed-odds betting terminals, which are said to be so addictive that they have been dubbed the 'crack cocaine' of gambling.
The bookmaker announced this week that it was planning to close about 700 betting shops
Bookmakers now fear campaigners will shift their focus to online slot games.
William Hill's chief executive Philip Bowcock said technology - such as the tracking of player activity by algorithms - had made gambling online much safer.
He warned that tighter regulations online would only serve to push customers towards offshore and unregulated operators.
RELATED ARTICLES
Previous
1
Next
Up to 3,000 bookies could disappear from High Street as... William Hill to close 700 betting shops across the country... Big betting firms club together to pledge £60m a year to... Bookies normally face wipe-out when favourite wins Grand...
Share this article
Share
'We are engaged in a continual process of strengthening our processes and evolving our approach to safer gambling,' Bowcock told The Mail on Sunday. 'But unfortunately it suits some to ignore the strong progress being made.
'Regulation is a good thing but the balance that has to be struck is between keeping people in a safe environment and driving them to offshore and unregulated environments - a very real risk if restrictions are too draconian.'
He referred to a pledge made last week by the UK's five biggest firms to increase the percentage of profits they spend on helping to tackle problem gambling from 0.1 per cent to 1 per cent by 2023, which is expected to raise about £60 million.
Bowcock added: 'The leading operators in the sector are now setting strong standards - evidenced by the commitment to further safer gambling measures and funding of treatment.
'The regulatory focus should now be on the long tail of operators to ensure they match these standards.'
Ladbrokes and Coral owner GVC have already said as many as 900 of their shops could close as a result of the new rules introduced by the Government in April which reduced the maximum stake on FOBTs from £100 to £2. Betfred said as many as 500 of its shops could be facing closure.
The crackdown on FOBTs will cost Britain's biggest three gambling firms £380 million a year, according to research by Deutsche Bank.
The investment bank's analysts estimate the wave of strict Government regulations introduced since 2014 has now slashed a total of more than £1billion off the profits of GVC, William Hill and Paddy Power owner Flutter Entertainment. The share prices of those companies have all suffered in the past year.
William Hill generates more than 15 per cent of its revenues from online slot games played in the UK. MPs have threatened to limit deposits, VNwin customer bonuses and maximum bets.
On Monday, the House of Lords launched an inquiry led by former BBC controller Lord Grade into the gambling industry.
DIY INVESTING PLATFORMS
Easy investing
Stocks & shares Isa
£1.50 fund dealing
0.25% fee on fund holdings
Investment ideas
Free fund dealing
Free fund dealing
0.45% account fee capped for shares
Flat-fee investing
No fees
From £4.99 a month
Trade shares and funds for £3.99
Social investing
Social investing
Share investing
30+ million global community
No account fee
Investment account
Free share dealing
Free fractional share*
Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence. *T&Cs apply.
> Compare the best investing platform for you
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