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And the document has been welcomed by Flutter Entertainment CEO Peter Jackson.
Since the Gambling Act of 2005, the UK Government has been looking to update its policies on gambling since the proliferation of the online market.
All kinds of potential policies from stake limits to sponsorship bans had been proposed – and indeed the Premier League voted ahead of time last week to agree to outlaw front-of-shirt gambling sponsorships in the future.
Gambling Insider will provide further details of the White Paper but, for now, Flutter’s Jackson had the following to say: “We welcome the publication of the White Paper, which marks a significant moment for the UK gambling sector.
“While we will need to review the detail of the proposals, we believe proactive change will lead to a better future for our industry. As such we have introduced industry-leading safer gambling controls via our ‘Play Well’ strategy over the last few years, including setting mandatory deposit limits for customers under age 25, reducing online slots staking limits to £10 ($12.48). per spin and making material investments in our safer gambling operational capabilities.
The group’s current best view is that the gross incremental revenue impact from the proposed measures announced today could be between £50m – £100m
“We will continue to constructively engage with the Government and Gambling Commission as part of any subsequent industry consultation processes, with a focus on providing support to the minority at risk of gambling harm without interfering disproportionately with the enjoyment of the vast majority.”
Flutter is expected to also announce its US listing, although in the UK at least, the publicity this generates will be given a close run for its money by the headlines generated by the White Paper…
Flutter went on to add some financial estimates: “In line with Flutter’s strategy to take a leadership role in responsible betting and gaming, the group’s pre-emptive changes have already removed £150m in annual revenue from our UK business.
“The group’s current best view is that the gross incremental revenue impact from the proposed measures announced today could be between £50m – £100m. This would result in the total cumulative revenue impact of changes already introduced and those announced today of between £200m – £250m of annual UK revenue.
“We estimate that there will be no incremental impact in 2023, with changes occurring from some point in 2024. “
