Tag Archives: UK

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The United Kingdom has moved in to rein in on the gambling menace in the country. This is to make the activity and the industry more secure to the consumers. To achieve this aim, the commission has instituted a raft of stringent measures.

UK GamingThese include imposing an 8-week ultimatum for gambling companies that violate the stated rules to resolve any disputes. The gamblers will also be capable of withdrawing their outstanding balances much easier than they can at the moment.

Other than these regulations, the Gambling Commission shall also fine any betting firm that breaches the stated codes of conducts. These include deliberately targeting small children, exaggerating facts, furnishing half-truths to the potential consumers, and making gambling look less critical than it truly is.

All these new regulations shall begin operational officially from the 31st October 2018. The gambling operators shall further witness more proactive measures governing the failures of any advertisements by third parties and for bombarding consumers with unsolicited messages.

These crackdowns follow an open consultative forum that brought together the Gambling Commission and the Competitions and Markets Authority. This joint consultative forum was put in place to come up with a methodology that will see to it that the gamblers receive fair, safer, and more transparent treatments from the gambling businesses.

This was put in place way back in 2016 and completed its mandate in June in 2017. As soon as the committee came up with its findings, it started cracking down on errant gambling operators. These are those that were suspected to have violated the gambling advertising policies.

Neil McArthur, the Chief Executive Officer of the United Kingdom Gambling Commission, argues that protecting the interests of consumers is a sacred goal that has to be achieved at all costs. He further insists that the gambling operators have also to follow suit to see this become a reality.

He also held the view that the new alterations in the regulatory framework are designed to enhance the security and protection of the customers. These are mainly from misleading promos to irresponsible advertising campaigns that many a dishonest operator utilize.

Shortly thereafter, a number of gambling companies came out to state their stand on the new regulations. William Hill, PT Entertainment, Ladbrokes, and BGO Entertainment issued their stands at various times. They were unanimous in stating that they shall alter their bonus regimes and regulations to make them as realistic as possible. This is to forestall the likelihoods of misleading clients.

These issues it is hoped shall quell the discontent that has arisen from the British public. Most have complained of the high number of adverts that bombard the airwaves and the cyberspace. Other than these, most local Members of Parliament have also expressed dissatisfaction with the increased rates of gambling in the nation.

According to this group, gambling addiction is a disease, just like any other. It is thus to be treated as a public health issue. The gambling operators thus, according to them, ought to be slapped with stern restrictions on the manner in which they present gambling to the masses and potential consumers.

 

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Birkenhead Mecca Bingo team is celebrating the raising of a record £2 million for Carers Trust challenge. They have been undertaking activities nationwide to fund raise as much money as they would.

MeccaRank Group which owns Mecca Bingo and Grosvenor Casinos signed a partnership agreement with Carers Trust in February 2014. The deal is to help raise funds to support Carers Trust activities. The trust works with carers from across the UK with the aim of improving their lives, facilitating their working, and cushioning them from likely negative effects that as depression.

Mecca Bingo’s efforts are geared towards raising money that will help address the barriers carers face. Since the signing of the partnership, staff a Rank Group have traveled to different parts of the country where they have been involved in fund-raising activities. The agreement gave employees the liberty to implement any activity that they deemed would improve their fundraising efforts.

According to John O’Reilly, the chief executive officer at Rank Group, Carers Trust is highly esteemed by a majority of his firm’s employees, and that explains their dedication to the fundraising initiative. He argued that Rank Group would not have achieved the milestone without the effort of the staff and the community members from across the country. He thanked them for the effort they had made and expressed satisfaction with the charity initiative.

The money collected through the fundraising activities is placed under the Rank Cares Grant Funds before being distributed to Carers Trust initiatives. It is directed into providing financial support to carers who are sixteen years and above.

As the company celebrated the milestone, it was proud that the money that has already been raised have been used for a worthy course. Since the signing of the partnership in 2014, money raised by Rank Group has helped more than 9000 carers in the country. Through the help, beneficiaries have accessed breaks, essential equipment, and learning opportunities.

In support of the efforts that employees were making in the fundraising initiative, the management of Mecca Bingo joined a final challenge that was aimed at raising more resources. The challenge was termed as ‘the bushtucker trial’ and entailed eating unusual foods such as critter cocktails and mealworms. The uniqueness of the challenge attracted a large number of people and took the fundraising efforts a notch higher.

Through it, the £2 million milestones became a success. While commenting on the achievement, Terry O’Donnell, the General Manager at Mecca Birkenhead thanked the staff and customers for the support they offered. He expressed satisfaction that the firm was contributing to a worthwhile initiative. O’Donnell reiterated that Mecca Birkenhead would continue undertaking the fundraising efforts so that carers can receive the support that they desperately need.

According to him (O’Donnell), the number of carers in the UK has remained high, yet they do not access the support that they would require. “The sad reality is that three in five people will become carers in the UK at some point in their lives and with 7 million carers in the UK already, it is crucial that there is funding available to provide the support that they need,” he said.

Giles Mayer, the chief executive officer at Carers Trust, appreciated the efforts of Mecca Bingo and Grosvenor Casinos. “They have gone above and beyond once again, and we are delighted to continue our partnership,” Giles said.

 

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As part of the UK’s departure from the European Union, companies, residents, and citizens of the United Kingdom are set to forfeit several privileges. Businesses will particularly be hardest hit given the numerous benefits and incentives that the EU currently provide.

BrexitFor instance, the EU has a very large population. Firms that operate in or have access to the trading bloc, therefore, enjoy huge revenue inflows and market. It also has a uniform tax regime and payment processing options. This is why UK-based firms are currently bracing themselves for tough times ahead.

Perhaps no other industry shall be as hardest hit as Gibraltar’s gambling industry. This is because it is one of Europe’s if not the world’s most developed and sophisticated gambling industry. The departure of the UK from the EU is, therefore, going to severely impact the betting firms that set up base there.

The two most likely negative impacts are the dip in revenue, sophisticated operational environments, and the shrinking of the market base. This has sent many firms panicking. Both the operational firms as well as the government of Gibraltar have decided to put in a raft of measures that are geared towards mitigating these dangers.

As part of forestalling the adverse negative consequences of this imminent departure, the government of Gibraltar has stepped in to reduce the operational expenses of the gambling firms that are based within its borders. It has decided to lower the tax that is levied on the income which is derived from gambling. At the same time, it has also decided to raise the license fees.

Before the Brexit deal started taking shape, firms used to part with 1% of their betting revenue in form of tax. As things stand, this figure was reduced by a whopping 85%! Right now, the betting firms will part with only 0.15% of their revenue from gambling.

Given that proceeds from gambling constitute a huge portion of the income of Gibraltar, a way out has to be sought. The government has decided to increase the license fees as part of the strategy to make up for that shortfall. The B2B firms shall now pay $112,000 (£85,000) while the B2C shall pay $132,000 (£100,000).

This means that it will be more expensive for firms to enter the market. However, license fees are a one-time expense. This increase will not impact the profit margins of such firms in the future.

During these Brexit talks, the service industry has largely been overlooked. Since gambling is part of the service industry, it will not be given the necessary attention it ought to during such talks. This has prompted some players within Gibraltar’s gambling industry to consider lodging an official complaint with the World Trade Organization.

This is because both the UK and the EU are members of this global trade body. They also draw their inspiration from a case that once pitied the US and the tiny Caribbean nation of Antigua. In that dispute, the WTO mediated and ruled in favour of Antigua.

Some firms have however opted to relocate to other bases that are still within the purview of the European Union. The Bet365 and the 888 Holdings are two of the most outstanding firms of this kind. They have decided to relocate to Malta and Ireland respectively.

These impending disasters notwithstanding, the Government of Gibraltar has remained upbeat and undeterred. The Minister for Financial Services of the nation-state, one Mr. Albert Isola, has insisted that the nation shall withstand the dangers and remain strong.

He has further stated that the alterations of the license fees and tax regime are all geared towards solidifying the stature of Gibraltar as Europe’s top betting hotspot.

 

 

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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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The authority in the UK that oversees advertising matters has recently been put to task investigating claims and complaints regarding the number of betting ads that ran on mainstream media during the world cup tournament.

Sports BettingThe authority is looking into the matter to determine whether the newly set up rules and regulations meant to curb the gambling problem are being adhered to. The companies that are the primary target of these investigations are prominent betting companies such as Bet365, Coral and William Hill.

The Advertising Standards Authority (ASA), which is the authority that is responsible for handling and streamlining advertising matters over the course of the month-long world cup tournament received approximately 115 complaints from viewers regarding the number of gambling ads that were running during the event. This compared to the number of complaints received by the authority before the beginning of the world cup tournament is about four times more compared to the previous month. This became an issue that the oversight authority needed to take seriously and look in to.

The oversight authority, which is the ASA, received these complaints about the course of the tournament. The allegations were not all similar, but most of the complaints received were in regards to the number and the amount of air time the gambling ads were getting. Most of the viewers who sent out these complaints were unimpressed by the numerous advertisements that kept running during this time. Research by the authority has gone to show that the average viewer was exposed to approximately 90 minutes of gambling ads during the whole tournament.

The emphasis with which the gambling ads were being aired became an issue especially since the tournament did not only appeal to the adults but also to the younger generation. This means that more and more kids were watching the progress and the happenings in the world cup and by virtue, they were exposed to these gambling ads. This did not augur well with more of the adult and aware generation who felt the companies acted irresponsibly and failed to consider the children who might be exposed to the ads.

There was a whole other issue regarding these ads which involved the ads that were running on breaks trying to entice the viewers to bet with their improved odds for short periods. These ads were like a call to action buttons that featured “bet now” offers which generally attract people to take action to try and benefit from these offers.

These offers are seen as a way of calling on people to act on these offers since they usually are time sensitive and can only be utilized during a short span of time. Promoting of the time sensitivity of these improved odds is very much similar to the “bet in play, now” message which the standards of gambling advertising discourage in relation to being responsible and problem or addictive gambling.

The investigations are ongoing where the ASA is looking to determine whether or not the techniques that the betting companies utilized during this time were in breach of the UK advertising code. The Advertising Standards Authority is analyzing the complaints trying to see whether there are legal grounds to launch a formal investigation into the companies’ advertising tactics.

The oversight does not in any way regulate the number of ads that will air, and the tournament which is the World Cup is not considered as a program that specifically targets children as it does not appeal to them primarily. And because of this, the tournament is not regulated by the same rules that ban gambling companies from running ads during programs targeted or are likely to appeal to the young generation.

The oversight authority states that the promotion of unique odds during a particular game is not prohibited. The “in-play” odds as they are customarily referred to are not the problem, but the problem lies with some ads that create some urgency to place a bet which is deemed as inappropriate by the authority. These are the ads the authority will be cracking down on.

The UK only allows gambling ads to air during the 9 PM watersheds if the gambling companies are willing to advertise during live sporting events. Australia, earlier on this year, went ahead and put out a ban on all gambling ads during daytime sporting events.

The concern on this whole issue of gambling is for it being normalized. It’s supposed to be an adult activity, but as more young people grow up with the activity of gambling around them, there is the risk of them getting in too deep. As the betting companies continue to put an affiliation of sporting events with gambling, then the issue of gambling becoming a social problem is very much possible. The authority is trying to ensure this does not happen.

 

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Sports gaming is one of the industries that many prominent investors are eyeing. Banach technology is one of the newly established businesses in this industry. The company so far is running in Sandyford, Dublin, Ireland. It was founded in 2015 and has worked with some of the top companies in the industry. The company is headed by Mark Hughes who is the current CEO. The company was able to raise €2.55 million from seed funding.

Paddy PowerThe company reported that the round was in a significant way oversubscribed. Some great backers made the decision of investing in the company including; David power and Stewart Kenny the Co-founders of paddy power. They are believed to have spent €232,738 and € 116,369 each respectively. Other people from the paddy power that invested in the company include Patrick Kennedy who was the chief executive, Cormac McCarthy the former chief financial officer and Cormac Barry the former head of the Australian division.

The company plans to use the raised money to expand its investments by the end of 2018. The primary areas they are focusing on are the traditional four major US league sports. Also as reported by Mark Hughes, the company’s chief executive, they will also work on strengthening their labor team. They will add more mathematicians and software expertise plus other expertise to help accomplish the mission of launching new products for baseball, American football, tennis, basketball and ice hockey in a few coming months. At the moment the company has football product only and want to build products on other sports and as well start venturing into risk management.

The company offers clients with products that facilitate greater customer engagement, pricing and customer experience system to gambling companies like GVC Holdings and BWin. It has technology that can revolutionize and automate one game in multiples process. The technology also can simplify the complex multi-betting market for the B2C clients. Currently, Banach technology is working with Ladbrokes Coral on in-game betting technology for matches at the World Cup, pictured.

The products from this company help the clients achieve an excellent customer engagement and at the same time improve the customer’s experience. Some of the prominent clients of BT include; Bet Bright, GVC Holdings and Paddy Power Betfair (which provides for; Sportsbet, Betfair and Paddy Power brands).

The company was started by Reck; Mark Hughes is the current CEO, LAEX Zevenbergen is the chief technology officer, and Hadrien Lepretre is the head of operations. These four has served in Paddy Power before. Reck was serving as the head of Quants and was later appointed to be a principal analyst in one of the sports betting companies in Ireland. After his appointment in the company, he was replaced by Hughes. Zevenbergen was the chief software engineer of Paddy Power from 2008 to 2015. Lepretre was the head of quantitative logistics from 2014 to 2015. The four decided to collaborate and work on BT in 2015. They are also people with experience the primary reason behind the big success.

The company has 12 employees but is hoping to increase them to 30 by the end of 2018. The similar rate of increase is also expected to be witnessed in 2019. The company having big names on the list of investors has made it more credible. As reported by Hughes the company is unique in the sense that some of the work they have done together before and this is the reason behind them building platforms quickly. With no doubt, the company is growing at a very high rate, and if it continues at the same pace, it will outdo many companies in the industry.

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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.