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(Alliance News) - Gambling companies in the UK are to be forced to step up checks on punters "to better protect even those unable to afford small losses" under plans to tackle addiction in the biggest shake-up of the industry's regulations in 15 years.
Plans also include maximum stakes for online slot machines of between GBP2 and GBP15 for all customers subject to consultation and a new statutory levy which will see gambling companies required to fund more groundbreaking research, education and treatment, UK Culture Secretary Lucy Frazer said.
Frazer said in a statement to the Commons: "We need a new approach that reflects that a flutter is one thing, unchecked addiction is another.
"So today we are bringing our pre-smartphone regulations into the present day with a gambling white paper for the digital age."
UK government ministers are undertaking the most comprehensive review of gambling laws in 15 years to ensure they are fit for the digital age following an explosion in online betting and a string of high-profile cases where customers have suffered huge losses or taken their own lives.
Initiated in December 2020, the much-postponed review has been supervised by four culture secretaries, six gambling ministers, and three prime ministers, and its official release stalled four times throughout government turmoil and the pandemic.
London-listed gambling operators include Flutter Entertainment PLC, Entain PLC and 888 Holdings PLC.
In response to the publication of the white paper, Flutter said it is "assessing the contents of the release and will update the market as soon as that process has been completed".
Entain said it will provide a detailed response "as soon as is practical". However, it noted that the review contains proposals that align with actions the company already has implemented.
"The UK gambling act review is an important step towards having a robust regulatory framework that is fit for the digital age and creates a level playing field for all operators," said Entain Chief Executive Officer Jette Nygaard-Andersen. "We welcome the clarity that it will bring to the industry and customers."
Flutter shares were up 0.2% at 16,070.00 pence on Thursday in London at midday. Entain was up 2.3% at 1,477.50p. 888 was down 0.1% at 79.70p.
By Josie Clarke, PA Consumer Affairs Correspondent
source: PA
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