BGC: Payment regulation must change to protect London’s high end casinos
The Betting and Gaming Council (BGC) has urged UK Chancellor Rishi Sunak to protect the region’s high end casinos by modernising current payment regulations.
The industry body has released a statement recommending the adaptation of Section 81 of the Gambling Act 2005, which requires high-roller casino players visiting the UK to make payments via cheque.
According to the BGC, this rule should be changed to allow high-end players to settle payment in one transaction at the end of their trip. This is not permitted under current UK law.
Michael Dugher, BGC CEO, labelled the current process as “no longer fit for the 21st century customer or the global banking environment.”
The UK currently has eight-high-end casino venues which are all located in London. According to BGC data, these properties contribute £150m ($196.7m) a year in tax to the UK Treasury, in addition to generating £188m towards the capital city’s GDP. The casinos currently employ 1,350 workers.
Commenting on the situation, Dugher said: “The Government is keen to promote Global Britain, so it’s vital nothing is done which makes it harder to attract foreign visitors to the country.
“It is now essential that the Chancellor acts swiftly to facilitate this small change, which would have a massive impact on the ability of high end casinos to reopen again and to recover their business.”
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