Tag Archives: Betting

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The United Kingdom Gambling Commission has announced brand tough measures on betting for betting firms. These new rules have been necessitated by concerns over misleading advertisements that pertain to bonuses and promotions.

These new rules and regulations assure gamblers of better protection. They also empower the Gambling Commission to levy unlimited fines and fees for any breach of these rules or the associated consumer laws. Some of these possible breaches include but are not limited to misleading advertisements, those that tend to target small children, or those that make gambling appear great and normal.

Other than these, the gambling firms that send out spam marketing contents such as text messages and e-mails will also be in for trouble under the new rules. They will also be required to follow all the laid down United Kingdom advertising codes whilst putting in place a more robust conflict resolution mechanism for the gamblers.

The rules shall come into force on October 31st, 2018. The commission shall, after coming into effect of the rules, impose an eight-week window for the casino operators to resolve any complaints with their clients and customers.

These rules are expected to facilitate the process of resolving any breaches of the consumer laws. These include such aspects as unrealistic restrictions on the withdrawal process, misleading promotions, and impractical bonuses.

To help the consumers make the right purchasing decisions, websites like www.smartphonecasinos.co.uk have sprouted. It reviews the various online casino operators on a regular basis and provides independent assessments of their competence from time to time.

While commenting on these developments, Neil McArthur, the Gambling Commission’s Chief Executive, had these to say:“The Gambling Commission is intent on cracking down on the firms that tend to treat consumers unfairly. This is because consumer protection is a topmost priority for us. It subsequently has to be a priority for the gambling operators as well. The changes we have instituted will surely protect consumers from unscrupulous and misleading advertisements and promotions. They will also see to it that the consumers can withdraw their earnings faster and easier. This is not to mention that the rules shall facilitate the resolution of consumer complaints.”

The founder of Justice for Punters, Brian Chappell, on the other hand, had these to say: “It is great to note that the Gambling Commission has finally acknowledged that gambling operators have to be subjected to stricter regulatory regimes. Only time will tell whether these new powers shall be used accordingly and if the gamblers shall be able to derive their rights promptly after a mistreatment. Even though the announcements incomprehensive, it is nonetheless highly welcome.”

Way back in 2016, while in partnership with the Competition and Markets Authority (CMA), the United Kingdom Gambling Commission established formal investigations to find out whether the online gambling companies were indeed mistreating their customers.

The findings of the investigations led the authority to launch enforcement actions against several gambling operators the following year. This was after the companies were accused of breaking the consumer laws with regards to the promotions.

From the foregoing, it is clear that the United Kingdom Gambling Commission greatly benefits casino operating sites. It does so mainly by instilling confidence in the potential gamblers and encourage them to gamble more. This certainly leads to an increase in the profit margins of the said firms.

 

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Just recently, the UK announced a £2 maximum stake on various gaming and gambling machines all over the country. Spearheaded by Matthew Hancock, the project aimed at controlling the ever-increasing challenges associated with betting.

Gambling TaxIn fact, the government has developed proposals which can be used to reduce the maximum stakes on fixed odds, which a gamer can place at terminals. Some reports from the Department of Media, Culture, and Sport mentioned that no specific decision had been made by the state, but the £2 was close to implementation.

The FOBTS is a reliable source of revenue for book markers, including some of the very big names in the country. Some of these betting companies include Betfred, Paddy Power, Betfair and more. The campaigners say the FOBTs are the negative aspects of gaming and have called for action to be taken by the state. Most of them mentioning that it disproportionately targets individuals who are addicted to gambling. Just recently, the financial shares at William Hill dropped by an exceptional 15 percent

These betting superpowers are now left to consider new approaches for addressing the losses associated with such a huge limit on the gambling. Some have been quick to mention that such cuts are only aimed to reduce the exceptional growth potential of the gambling industry.

Financial officials at the department have been trying to gain perspectives on the maximum stake based on an exceptional 12 week consultation period. The expected deduction of finances come in the wake of recent financial challenges faced by several professionals who resist the crackdowns in many ways.

Other bookmakers have also raised concerns into the recent betting cuts, which they believe will lead to shop closures and various job losses. Plus, various financial reports have forecasted that the few coming months that companies such as Ladbrokes will have lost £447m in annual revenue. Such losses would not only affect the gambling industry, but it also reverberates across the entire financial industry of the UK.

Additionally, the state has also evaluated the effects of the £2 restriction on the companies in gambling, with predictions of in between £3.6bn and £8.7bn in losses over a decade. The UK government. Also mentioned that the FOBT stakes would be implemented to ensure a safe and sustainable environment for people to engage in gambling. Additionally, they are also searching for the exact limit level, with the £2 being a prospective limit to determine its suitability. The focus of any final decision should be to embrace measures that will help to reduce the detrimental losses associated with gambling

The £2 is considered by most a ban on FOBTS, and it would hundreds of thousands of people out of jobs. On top of that, it would also have serious ramifications for racing games such as the horse racing industry, which is mainly powered by finances from bookmakers. Betting shops are also seemingly trying to take the initiative by investing in innovative solutions to help identify those at risk. These individuals can then be assisted to address their unique gambling challenges.

 

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British TV network ITV has received major criticism over betting advertisements it aired during the recent 2018 World Cup. The network has been accused of bombarding viewers, including children, with countless gambling adverts.

World CupOf all the advertisements aired by ITV during the course of the tournament, it is reported that 17% of them were gambling related. It reveals that, of the eight and a half hours of advertisements aired during this period close to an hour and a half was taken up by betting adverts.

A total of 172 ads related to betting were shown, twice as many as those related to alcohol and four times as many as those related to fast-food brands. ITV’s World Cup coverage has greatly been criticized due to the fact that children and young people made up a significant percentage of the viewers during the tournament. Many are worried about the effects of exposing children to such an excessive amount of gambling content with some fearing that children will now normalize betting and associate it with football and sports in large.

Children are normally protected from such content by laws which restrict the airing of betting advertisements during the watershed period. Most of the World Cup games were shown on TV before 9 pm, falling well within the watershed period. They were, however, allowed to be aired because the law does not restrict advertising during live sporting events. Betting firms saw this as an opportunity to increase their already enormous profits and splurged on advertisement spots, with some paying close to £350,000 for a 30-second spot.

Betting firms encouraged viewers to place bets on ongoing and upcoming World Cup matches. Some even used celebrities to further entice viewers to engage in gambling activities. This led to an increase in bets placed as people who had never gambled suddenly felt the urge to do so. There was an upsurge in women gamblers, rising from 10% in the 2014 World Cup to 30% of all gamblers in this World Cup. It is evident that the exposure worked in the favor of bookmakers and gambling firms. There has been a call for stricter regulations moving forward.

The government has also come under fire for not doing enough to protect children from unnecessary exposure to gambling advertisements. These ads saturated the network during the tournament and the government chose to ignore the issue rather than tackle it head-on. The government, in turn, claims there is insufficient research available to warrant tighter regulations.

The negative effects of betting ads have been discussed heavily. Children and young people are frequently exposed to betting advertisements not only on television but also on social media and through video games. As a result, gambling has become normal and commonplace for them. An activity that was once reserved for adults is becoming increasingly popular among young people. This is a worrying trend as gambling is extremely addictive and detrimental, both financially and psychologically.

As suggested by the government, more research into the matter is indeed needed in order to expose the true and very real dangers of gambling. Gamble Aware, a charity organization focused on gambling addiction, is currently running a study on the effects of gambling advertisements that will help promote tighter regulations. The study, which is set to be completed in 2019, will also provide information that can be used to educate the youth on gambling and help create treatment plans for those with a gambling addiction.

The Advertising Standards Authority (ASA) has taken action by banning gambling sites and advertisements that are intended to target children. While this tough position is appreciated, the World Cup has revealed just how significant and wide-spread the gambling issue is.

Gamble Aware has reported that there are over 400,000 individuals in the UK alone struggling with a gambling problem. This number is only expected to rise if nothing is done as more children will be exposed to gambling ads and enticed to join the risky world of gambling.

 

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Betfred is one of the most popular bookmakers in the country. As part of its responsibility to various stakeholders, the company issues annual statements of the financial position and the income levels. In its latest financial report, the firm announced huge losses; this was not expected as its revenues had grown within the financial year.

According to the recent report, the revenue levels increased to £634.5 million, a 9.6% rise from the 2015/2016 financial year. The losses were estimated at 10s of millions. Betfred is a privately owned company. The earnings were estimated at £83.3 million, a 3% increase from the previous year. To diversify its financial gains, the firm has several investment platforms. The total earnings from the betting platforms also rose by 17.5% to reach £12.7 billion. The increased revenues were attributed to the firm’s decision to add the number of betting shops available to their

The decision was arrived at after agreeing with the Hong Kong Jockey Club; this led to a significant increase in the number of online customers. The online betting platform’s revenue improved by 3%, this is according to the Regulus analysts. The losses were estimated at £13.4 million. In the 2015/2016 financial year, Betfred had profit margins of £32.4 million. According to the bookmaker, the operating losses were as a result of the decline in the goodwill from the digital assets, more responsibilities, and the operating costs. The high tax rates for betting firms have led to adverse effects to many firms in the industry. Some opponents have argued that the move by the firm’s founder, Fred done, to take £10.2 million in the form of dividends had a negative impact on the final financial results. The pioneer of the organization is also said to have taken the same amount during the 2015/2016 fiscal year.

Some sources have disclosed the bookmaker’s plans to close about 900 betting shops situated at different locations in the country. The move would also lead to loss of jobs to about 4500 of the employees. The firm would take action if the government passed legislation that would lower the maximum stake on fixed odds from £100 to £2. The government pointed out that the law would take effect from 2020 to give more room for more consultations among the stakeholders in the industry. The firm has invested a lot of resources to its retail line of business. Regulus attributed more than 80% of the bookmaker’s income to the segment. The analysts suggested radical structural changes for the firm to survive in the changing business environment. Failure to which it would experience more financial losses. Betfred has not had a good relationship with different players in the racing industry. The firm has held talks with Alizeti Capital to sell one of its subsidiary, Tote Holdings.

The government proposed the changes in the gaming industry due to the rising concerns over the gambling industry. According to the UK government, the industry required some regulation as there was evidence to show increased addiction to betting. The most affected individuals were the youths. With the changes in Law, it was expected that people would engage in activities that were more productive. According to Betfred’s managing director, the new law would have a negative impact on the gaming industry. Other than fewer profits for the bookmakers, he pointed out that thousands of individuals would lose their jobs and low tax collections and eventually slow down the economic growth. He urged the government to use alternative measures to curb the gambling activities in the country.

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The award-winning online instant win games supplier, IWG, has delivered their full portfolio to the largest bingo sportsbook in the United Kingdom, Sky Bingo, as part of their expansion of its commercial operators.

For the first time, the games will be accessible on the Sky Bingo site as part of the agreement. IWG games, Cash Buster, are now live on the bingo site as a result of integration with IWG’s progressive play RGS. According to Robert Proctor, who is the content and commercial manager at Sky Betting and Gaming, it was a natural choice to partner with the leading supplier in the instant win game space. He added that the firm had been impressed with the standard of games which comes with an easy integration through progressive play. He also promised that their clients would enjoy IWG classics, including Cash Buster series on a daily basis.

 

The CEO at IWG, Rhydian Fisher said that they were thrilled to provide the UK’s largest bingo sportsbook with the quality portfolio of games. He added that the latest agreement was an indication of the growing demand for instant win games as well as their dedicated services. The agreement, however, does not cause any changes in the quality of services provided by the firm; it instead is a boost to the variety of services offered by IWG ensuring that the lovers of online instant win games through the UK enjoy their services following a seamless integration with the progressive play RGS network.

 

For the past 15 years, IWG has been providing its clients, lotteries, with instant win services which are online; this has led to the production of over two hundred and fifty high-quality instant win games. In 2017, the firm won a B2B award as the supplier of the year for an online lottery.