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Professional racing pundit Neil Channing speaking on Luck on Sunday on Racing TV said the overhaul of the Gambling Act 2005 could see a negative impact on the UK’s horse racing sector.Mr Channing is concerned the current review due for release in the next few weeks by the government could negatively affect the whole gambling industry and have a financial impact on horse racing.
White Paper Due for Release in the Next Few Weeks
The white paper of UK lawmakers is due to be released in the next few weeks and the outcome is yet to become clear. One of the biggest fears amongst gambling operators is affordability checks as part of the new measures, if these are implemented then this would have a detrimental effect on the gambling industry within the UK.Horse Racing within the UK could take a huge hit if this happens, with Mr Channing calling it an ‘existential threat’. If affordability checks do happen then 50% of the revenue on horse racing could be slashed, a level that would not be sustainable in horse racing.Mr Channing added, even if the law implementing affordability checks is passed it would not come into fruition for two years as the process is lengthy. In 2021, the UK Gambling Commission in a consultation suggested a bet limit of £100 could be imposed on a customer’s monthly gambling losses unless they can prove they could afford to lose the funds.
Survey
A survey of 2,000 members of Racing TV conducted in 2021, concluded that 93% believed they should be able to make the decision on their betting limits or money spent. 86% believed stricter affordability checks would push customers into black markets which are unregulated and unlicensed and do not contribute to the UK government.