Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Britain's biggest bookmakers in self-regulation plan

Published 15/09/2014, 00:14
Updated 15/09/2014, 00:20
© Reuters Picture illustration taken in Paris shows the Ladbrokes and PaddyPower Sport betting websites on electronic devices

By Sarah Young

LONDON (Reuters) - Britain's four biggest bookmakers have committed to advertise more responsibly as part of a voluntary move to self-police, hoping to fend off further regulation.

William Hill, Ladbrokes, Gala Coral and Paddy Power said in an open letter published on Monday they would sign up to a set of rules and establish a watchdog, responding to what they said were growing concerns about gambling in Britain and in particular the way it is advertised on television.

Britain in April moved to tighten planning controls on the spread of betting shops and the high-stakes gambling machines that make up a growing part of their business.

The bookmakers said a new watchdog would be established to hold them to account on their pledge to fund a new advertising campaign on responsible gambling, and to ensure TV advertising carries more prominent responsible gambling messages from the start of next year.

Before that comes into effect, the bookies also said that from October 1 they would remove advertising of the machines from betting shop windows, introduce an advertising ban on promotional offers before 9 p.m. and commit 20 percent of advertising in their shop windows to responsible gambling messages.

The companies invited other gambling companies in Britain to join them in signing up to the rules.

"We ... will continue to work constructively with the Government and the Regulator to improve standards of player protection," the letter signed by the chief executives of the four companies said.

The regulations announced earlier this year come on top of higher taxes on gambling machines announced in the budget in March, which the industry said together would cost it 350 million pounds a year and risked putting more than 2,000 betting shops out of business.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The latest letter could represent a change of tone by the industry compared with a previous communication from leading bookies in April, which said government tax measures were "difficult to comprehend" and argued there was no evidence to suggest gaming machines were causing an increase in problem gambling.

Anti-gambling campaigners have long warned of the addictive nature of these machines, often cited in betting shops in poor inner-city areas and which feature games such as roulette allowing as much as 300 pounds to be staked a minute.

(Editing by David Holmes)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.