In a bid to modernise gambling legislation, the Department for Digital, Culture, Media and Sport (DCMS) has pledged a wide-ranging review of the sector, aiming to update the legislation that has been in place since 2005.
Restrictions on advertising, limits on online stakes and the banning of betting firms from sponsoring football shirts are all set to be considered, among many other issues.
Responding to the launch of the review, Michael Dugher, CEO of the BGC, said: “As the standards body for the regulated industry, we strongly welcome the launch of the government’s review.
“We called for it to be wide-ranging and evidence-led, and it provides an important opportunity to drive further changes on safer gambling introduced by the industry in the past year.”
The review has been backed by many parties, including campaign group Clean Up Gambling, whose director Matt Zarb-Cousin praised its potential to help problem gamblers.
“This wide-ranging review is a long overdue opportunity to clean up our outdated gambling laws, which are incompatible with the smartphone era,” said Zarb-Cousin.
“This review has the potential to make Britain a world leader in gambling harm prevention: where online gambling is fair and safe, stake limits minimise addiction, and systems are put in place to prevent unaffordable losses.”
Dugher did, however, point to the negatives that such a review may have on the economy, namely that it must consider the job opportunities and financial benefits that it presents.
“The review must also take account of the huge economic contribution made by the betting and gaming industry, which employs over 100,000 people,” added Dugher.
“This includes £8.7bn ($11.6bn) a year in gross value added and over £3.2bn to HM Treasury in tax. In addition, horse racing receives over £350m per year through the horse racing industry levy, media rights and sponsorships, while betting companies spend over £40m a year on the English Football League and its clubs."
