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A recent poll conducted by the Betting and Gaming Council (BGC) found over 50% of the British public are opposed to limits on how much they can bet. The poll conducted by YouGov found a mere 27% of the British public are in agreeance and 51% are totally against betting limits.
Horse Racing Industry Hit
The United Kingdom Gambling Commission (UKGC) has come down hard on both operators and customers over the past few years with much stricter rules and regulations. It’s feared if the betting limits are introduced then the British Horseracing Industry could stand to lose £100 million annually. The industry relies heavily on funds from betting levies, and an introduction of betting limits will have a detrimental effect on the industry as a whole.
£100 Monthly Betting Loss Limit
Although no decision has yet to be made, proposals of a monthly betting loss limit of £100 could be introduced. Any customer who reached these losses would then have to go through further financial verification checks to establish the financial situation of the customer and to clarify they are in fact able to support their betting without causing financial harm.1,683 participants were involved in the poll and the vast majority were against betting limits.22% had no fixed opinion. But many aired their concerns if the betting limits were in fact imposed this would direct punters to unregulated markets. 59% of the participants believed this would happen, and only 10% disagreed.
Black Markets
Only recently, a report published a high number of bets had been placed with unregulated operators, an increase from £14 billion to £2.8 billion during the past year.Although Michael Dugher chief executive for the BGC supports the wagering limit and verification checks, he is aware the new changes could somewhat affect the horse racing industry. First and foremost, protecting customers from gambling-related harm whether that be mentally or financially is the priority for the BGC, but overwhelming evidence concludes the British public does not agree with betting limits.20 focus groups were involved in the study from across Northern England and the Midlands and the consensus was that betting was classed as a normal social activity by many.Mr. Dugher welcomes new reform in the protection of vulnerable customers who may come to harm if gambling with funds they can ill afford. However, he is also aware of the review on British Gambling but stressed that British Lawmakers MUST ‘get those changes right’.