TOTE CHAIRMAN’S THOUGHTS - TIME TO DIG INTO THE DETAIL OF GAMBLING REFORMS
Tuesday 5th September 2023
It is just over four months since the Government published the long-awaited Gambling White Paper, titled “High Stakes: Gambling Reform for the Digital Age”, setting out how it plans to reform gambling regulation and modernise the gambling sector following its three-year review.
Having had months of speculation about what the White Paper might contain, we were all pleased there were few real surprises beyond the headlines that had previously been trailed. At the Tote, we welcome the balance struck between consumer freedoms and protection of the vulnerable. The draft provided some much needed clarification on issues such as the levels at which customers might be exposed to financial risk and while there is more work to be done on the detail, we were pleased to see these align in large part align with the approach we are already taking.
Crucially, the White Paper doesn’t change anything overnight and the detail of the reforms will now be worked out in a series of consultations launched by the Department for Culture, Media and Sport (DCMS) and the Gambling Commission. The first two of those were launched by DCMS last month, and include in particular the stake limits for online slots, while the Gambling Commission has published a consultation on several key areas, including the complex area of how financial vulnerability checks and financial risk assessments should be conducted.
At the Tote, we want to ensure reforms work for everyone including our customers and, crucially, for British horseracing. There is time now for industry to respond to these detailed consultations, which is a really important part of the process to ensure any reforms are practical for all levels of bettors. Following this period of consultation, the Government and Gambling Commission will publish a formal response to set out their decision and reasoning before implementing the changes in 2024.
There is plenty of work for the gambling industry to be getting on with, but it is positive that the detail is now being discussed. We very much hope that the Government and the Gambling Commission stick to proposed timelines so that the industry and consumers are not left with more uncertainty and the White Paper doesn’t become just another staging post.
Gambling Reforms are part of the political agenda in Westminster
In the meantime, the Tote will continue to provide racing fans with a safe and fun place to bet while also continuing to work to help safeguard the financial future of the sport we love. Many of you will have seen our recent announcement that the UK Tote Group and the Hong Kong Jockey Club have signed a new 5-year agreement which sees the Tote become the exclusive pool partner for World Pool in UK and Ireland. This deal allows the UK Tote to work with all partners to increase revenue to British horseracing, as well as continue to showcase the best of the sport around the world as a great British export.
It might be the end of summer holiday season here in the UK but there is still lots going on at the Tote.
For more information about the UK Tote Group please visit www.uktotegroup.com and follow us @UKToteGroup and @ToteRacing.