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UK Betting companies have devised plans to pledge five voluntary commitments towards safer gambling, amid fears of new regulations being imposed upon them by the Government.The industry has come under fire over the last few years with campaigns to tighten regulations after gambling firms have been criticised for failing to protect customers from their products.
Share Price Drop
Early this week, share prices in the UK Gambling sector dropped by £1.2b after Government ministers called for a maximum limit on online gambling products, including online slots, to be brought in line with the maximum limits imposed on FOBT’s to £2.Ten of the biggest gambling firms including Ladbrokes Coral owner GVC, Bet365 and William Hill have said the commitments represented, “ the most comprehensive set of measures from a wide group of leaders across the sector to support UK Gambling commission’s national strategy to reduce gambling harms.” The Guardian revealed.The five commitments are:
- Prevent underage gambling and protect young people.
- Increase support for treatment of gambling harm.
- Strengthen and expand codes of practice for advertising and marketing.
- Protect and empower customers.
- Promote a culture of safer gambling.
UK betting companies have devised the commitments with the help of The Senet Group, an industry-funded company who aim to “ raise standards in the sector, supporting the Gambling Commission’s work to make services safer and fairer ensuring, in particular, that responsible gambling messages are put to players with frequency and prominence.”A previous campaign message by The Senet Group proved fruitless after the slogan “ When the fun stops, stop” had little or no effect on customers, according to a study conducted by academics at Warwick University. The Senet Group have since said they are rethinking the campaign.
Educating Young People
Flutter Entertainment’s Chief Executive, Peter Jackson said, “ These commitments are an important step forward in the sector in their own right and also signal a genuine desire to ensure that acting responsibly is at the heart of our business.”Gamcare and Young Gamers and Gamblers Education Trust will deliver the four-year programme, educating young people about the harm gambling and gambling addiction can cause.Other companies who’ve signed the commitment are Caesars, Aspers, Genting, Playtech, Rank Group and Sky Betting & Gaming, and all in agreement the industry needs to regulate itself before Government bodies impose new measures.