Flutter Gambling
UK-listed gambling giant Flutter Entertainment saw revenue rise but profits plunge in the first half of 2020, as online casino and poker options did their best to offset sports betting slowdowns. January 1, 2021, 12:13 pm. Gambling powerhouse Flutter Entertainment this week closed a previously announced $4.2 billion deal to lift its stake in US sports betting and daily fantasy sports firm FanDuel to 95%. Flutter merged its US operations with FanDuel in 2018. The review of the 2005 Gambling Act, which made the UK one of the most permissive states for legalised gambling, is expected this autumn. The UK’s largest gambling companies — Flutter, Bet365. Flutter, GVC and the rest of the industry have all taken major steps forward here and let’s hope there will be progress to celebrate in the years to come, without fines and sanctions to reflect on. Yet if the future of gambling is entertainment, having a “Flutter” and being “Entain”ed, it needs to be a genuine, sector-wide effort. Flutter recently expanded its business by closing a multi-billion merger with fellow multi-brand gambling operator The Stars Group. The tie-up created one of the largest gambling companies in the world with presence in all key regulated jurisdictions and ambitious plans for further expansion.
Major operators in the UK have responded to research by the Betting and Gaming Council (BGC) that black market activity is rising, with William Hill saying it’s a “growing problem we must confront.”
Earlier today on 4 February, a BGC commissioned report titled ‘Review of unlicensed online gambling in the UK’ was published, based on data collected during November and December 2020.
The report found that amount of money staked with unlicensed operators increased from £1.4bn ($1.9bn) to £2.8bn compared to a similar study in 2019. The new research also saw the number of players using black market betting sites increasing from 210,000 two years ago, to 460,000.
The study comes amid the ongoing UK Government review of the 2005 Gambling Act, which is seeking more information about the black market, as well as exploring tighter regulation aimed at player protection.
Operators in the UK have called on the Government and interested stakeholders to address the apparent rise in black market play, which has become “more important now.”
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William Hill CEO Ulrik Bengtsson said: “Here at William Hill, we have long been concerned by the black market in gambling and the threat it poses to customers.
“Our view of the gambling black market is it’s a growing problem that we must confront.
“Everyone who gambles in Britain deserves protection from illegal operators. We must do all that we can to make sure that remains the case.”
Flutter Entertainment echoed those views, calling for the industry to raise its safer gambling practices.
Flutter Entertainment’s UK and Ireland Division chairman Ian Proctor, added: “The Gambling Act Review is a moment for regulated and responsible operators to ask ourselves how we can raise our game to drive forward enhanced safer gambling practices.
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“The report on the growth of the black market published by PwC today, is an important reminder of the complex challenges operators, Government and other stakeholders must address to ensure that the review of gambling regulation delivers genuine improvements in customer protection, rather than cosmetic change which might inadvertently open the door to greater unlicensed participation in the UK market.”