Following the publication of a recent study which demonstrated that the affordability checks imposed by the government are already having an effect on revenues, the regulated betting and gaming sector in Britain has requested that the government publish a White Paper and establish new laws for the gambling industry within the jurisdiction.
Research that was carried out by Ernst & Young (EY) on behalf of the Betting and Gaming Council (BGC) revealed that the industry had not been affected by the epidemic in any significant way. According to the report, the industry currently helps alleviate the energy and inflation crisis; however, it also stated that the application of stricter affordability checks within the regulated market has resulted in a reduction in profits.
The findings of this study are based on a recent survey which showed that approximately seventy percent of people who bet would not consent to regulated organizations requesting proof of their ability to pay before placing a wager. EY also highlighted that notwithstanding the strain that was created by the measure on all BGC members, their total contribution to the British economy in terms of gross value-added tax was in the amount of £7.1 billion ($8.7 billion).
Significant contribution:
According to the findings of the research, the yearly contribution to the Treasury from the regulated betting and gaming business remained at £4.2 billion ($5.2 billion), and the sector ensured the employment of 110,000 people.
Michael Dugher, chief executive officer of the Betting and Gaming Council, made the following statement: "The regulated betting and gaming market in the UK is a true worldwide leader." Approximately 22.5 million adults participate in some form of gambling, whether it be the lottery, bingo, betting on any number of sports, betting online, or gambling in casinos. Our members are responsible for the creation of over one hundred thousand jobs, the injection of billions of dollars into the economy, and the provision of further billions to the Treasury.
Continued Dugher: "However, this contribution is never assured. If this sector is going to continue to hold the position of global frontrunner, it has to experience growth. We urge the government to find a White Paper that is evidence-based and balanced, safeguards those who are vulnerable, allows the vast majority of people who bet securely to continue to do so, and most importantly, allows businesses to grow.
Betting and Gaming Council members have already begun applying the legislation despite the decrease in revenues that has been caused by the measure in anticipation of the new White Paper that will set out new laws for the gambling industry. This is in preparation for the new White Paper that will set out new laws for the gambling industry.
The EY study issued a warning that the pressure brought on by affordability checks "could, in turn, lead to leakage to the black market." This was based on the observation that European countries that enforce strict sanctions on betting have seen an increase in the amount of wagering that takes place on the black market.
For instance, more than 66 percent of all bets in Norway are put on the black market, while 57 percent of bets in France and 23 percent of bets in Italy are done with non-regulated sites. As a result, the BGC has requested that the government conduct a review of existing gambling legislation and propose new regulations in order to facilitate the further expansion of the business.
According to Dugher, "This sector is serious about safer gambling," and the fact that the rates of problem gambling among adults in the UK remain low by international standards at 0.3 percent is encouraging. Our members are concerned that, in the absence of clarification from the government over affordability checks, they are diverting disgruntled customers to the risky and unregulated black market.
Within the next several weeks, the government has committed to publishing a White Paper that will prepare a review of the existing gaming legislation.
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