27th Apr 2023 21:45
(Alliance News) - Entain PLC on Thursday said it welcomed a long-awaited gambling act review in a UK government white paper, as the industry has come under greater regulatory scrutiny.
The Isle of Man-based owner of Ladbrokes and Coral said the white paper marked an "important step towards having a robust regulatory framework in the UK that is fit for the digital age, raises standards across the industry and creates a level playing field for all operators".
Chief Executive Officer Jette Nygaard-Andersen added: "We welcome the clarity that it will bring to the industry and its customers. We look forward to working with the government and the Gambling Commission on evidenced-based consultations and implementation of the proposals outlined today.
"As a global and diversified business that operates in over 40 regulated or regulating territories around the world, all of which are regulated or regulating, we are firmly in favour of regulation that preserves the market for the vast majority of customers who enjoy recreational betting and gaming, whilst also ensuring appropriate protection to all players."
Earlier Thursday, Paddy Power owner Flutter Entertainment PLC also welcomed the white paper, saying it wants to take a "leadership role in responsible betting and gaming". It said it has already made pre-emptive changes that have removed GBP150 million worth of revenue from its UK business.
Proposed measures announced in the UK government's white paper could present an incremental revenue hit between GBP50 million and GBP100 million.
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."
Shares in Entain closed down 0.9% to 1,432.16 pence each in London on Thursday, while Flutter shares closed up 0.4% to 16,096.92.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
EntainFlutter Entertainment