GVC supports call for review of the Gambling Act
2 July 2020
GVC Holdings PLC
("GVC" or the "Group")
GVC supports call for government to announce review of the Gambling Act
GVC Holdings PLC (LSE:GVC), the global sports-betting and gaming group, welcomes the publication of today's report of the House of Lords Gambling Industry Committee into the social and economic dimensions of gambling.
Coinciding with the Committee's report, GVC has also today released the findings of a new national poll, which provides evidence of the broad support gambling enjoys as a legitimate leisure activity amongst the British public. The survey of 2,000 Britons, conducted in May 2020, finds that nearly 80% of regular gamblers see betting as part of the leisure industry and a clear two-thirds of respondents support an individual's freedom of choice to gamble (see infographic here: http://www.rns-pdf.londonstockexchange.com/rns/7814R_1-2020-7-1.pdf ).
Kenny Alexander, GVC's Chief Executive, commented:
"This report is a thoughtful and measured contribution to the debate on how to ensure the regulated gambling industry can thrive, provide entertainment and enjoyment for the millions of Britons who like a bet. While there is only a small minority of customers who run into problems, it is important that we put a safety net around them. We fully support the recommendation to bring forward the UK Government's Review of the Gambling Act and we will play a full and active role in this process.
"I'm also glad to see detailed recommendations for a triennial review of the Gambling Commission, the licensing of affiliates, and the need for more research into problem gambling - particularly as claims around the scale of the issue frequently bear no resemblance at all to the independent research already available.
"As a socially responsible business, GVC is committed to constantly improving our player protection policies. We have already adopted several of the measures recommended in this report and there are others that we would like to see implemented across the industry.
"I am however concerned by the findings of our own research which highlights the lack of awareness amongst the general public of the numerous and sophisticated tools GVC and the industry have introduced to put control where it belongs: in the hands of our customers. We have to do a better job of communicating that, because those who are implacably opposed to gambling as a matter of principle are actively seeking to damage the industry through onerous regulation, which will ultimately drive customers into the hands of the unregulated black market. It is important that all stakeholders work together to keep gambling effectively regulated for all parties."
A number of principles within the report are already reflected in GVC's safer gambling strategy - Changing for the Bettor - which we have put at the heart of our business. These include:
· A reduction in the amount of gambling advertising
o As of July 2019 GVC removed all in-ground and perimeter advertising from UK football venues
o Last year we also ended all shirt sponsorships and donated a full season of sponsorship rights to charity
o We led the industry in agreeing a pre-watershed, whistle-to-whistle ban on gambling adverts on television, around live sports
· Enhanced funding for research into problem gambling
o GVC has entered a five-year, multi-million pound partnership with Harvard Medical School's Division on Addiction to research the issues around problem gambling and develop better treatment
o We led the way in increasing our voluntary contributions to fund research, education and treatment by ten-fold - from 0.1% to 1% of GGY. The other big four operators have since followed our lead
· Ensuring children and vulnerable people are protected
o We support the call for a minimum age of 18 on all gambling products
o We are rolling out national youth education programmes with the charity GamCare as well as a state-school awareness campaign
Also key to GVC's approach is using data-driven technology, such as market-leading algorithms, to monitor betting behaviour, enabling our responsible gambling teams to intervene and prevent problems from developing.
GVC is aware that many of these measures are not known to members of the general public who do not bet. That leads to a knee-jerk support in favour of more government regulation on every issue. We intend to communicate GVC's leading role in providing our customers with the most sophisticated tools to manage their gambling, while intervening when we see signs of problem gambling developing.
A POPULAR PASTIME
1. 7 in 10 people participate in some form of gambling (69%)
2. 77% of regular gamblers see betting as a leisure industry
3. 60% of people believe in freedom of choice for individuals to decide how and when they gamble
4. Half the population (48%) is concerned that overregulation could drive customers to the black market
5. Only 8% of non-gamblers were definitely aware of industry responsible gambling measures
6. Both gamblers (55%) and non-gamblers (31%) believed that gamblers themselves should decide what they can afford to bet, rather than banks, gambling companies, or the government
Enquiries:
|
Investor Relations |
Tel: +44 (0) 203 938 0000 investors@gvc-plc.com |
|
Media
|
Tel: +44 (0) 203 938 0000 |
|
Powerscourt
|
Tel: +44 (0) 20 7250 1446 |
LEI: 213800GNI3K45LQR8L28
About GVC Holdings PLC
GVC Holdings PLC (LSE:GVC) is a FTSE100 company and is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. The Group has also entered into a joint-venture with MGM Resorts to capitalise on the sports-betting and gaming opportunity in the US. The Company is tax resident in the UK and has licences in more than 20 countries across five continents.
For more information see the Group's website: www.gvc-plc.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Latest directors dealings
- 23 minutes ago Naked Wines
- 23 minutes ago Greencoat UK Wind
- 36 minutes ago Everyman Media Group
- 38 minutes ago BP
- 45 minutes ago Imperial Brands