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13 Jul 22
15:25
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Industry shares resilient amid report of white paper details
13th July 2022 | By Daniel O'Boyle
Industry share prices rebounded from an initial dip following a report that the new Gambling Act white paper will include a £125 monthly soft cap on affordability - with harder checks for players losing £2,000 in three months.
Industry commentators Earnings + More reported a number of details this morning related to the content of the Gambling Act White Paper.
Industry sources confirmed to iGB it matched up with their understanding of the document.
Perhaps the most significant detail in the report was detail of the affordability checks that operators may be required to perform. Players would be allowed to have a net loss of up to £125 per month or £500 per year before “passive” checks – to see if players have obvious signs of financial difficulties such as county court judgements – kick in.
Those who lose more than £1,000 in 24 hours or £2,000 within 90 days will face “more detailed” checks.
New accounts will face lower thresholds.
Sources raised questions, however, of what the differences between the two levels of checks will mean in practice, and whether the performance of checks would have an impact on customer credit scores.
Elsewhere, further details of the previously reported cap on slot stakes were revealed. These will take the form of “smart stake limits”, with customers initially subject to a cap between £2 and £5, but those who have gone through affordability checks able to stake up to a figure between £10 and £25.
Other products, including other online casino games, will not have stakes capped.
Online VIP schemes will also be banned. Free bets – contrary to prior reports – would not be completely banned, but may not be “targeted” based on spend.
13th July 2022 | By Daniel O'Boyle
Industry share prices rebounded from an initial dip following a report that the new Gambling Act white paper will include a £125 monthly soft cap on affordability - with harder checks for players losing £2,000 in three months.
Industry commentators Earnings + More reported a number of details this morning related to the content of the Gambling Act White Paper.
Industry sources confirmed to iGB it matched up with their understanding of the document.
Perhaps the most significant detail in the report was detail of the affordability checks that operators may be required to perform. Players would be allowed to have a net loss of up to £125 per month or £500 per year before “passive” checks – to see if players have obvious signs of financial difficulties such as county court judgements – kick in.
Those who lose more than £1,000 in 24 hours or £2,000 within 90 days will face “more detailed” checks.
New accounts will face lower thresholds.
Sources raised questions, however, of what the differences between the two levels of checks will mean in practice, and whether the performance of checks would have an impact on customer credit scores.
Elsewhere, further details of the previously reported cap on slot stakes were revealed. These will take the form of “smart stake limits”, with customers initially subject to a cap between £2 and £5, but those who have gone through affordability checks able to stake up to a figure between £10 and £25.
Other products, including other online casino games, will not have stakes capped.
Online VIP schemes will also be banned. Free bets – contrary to prior reports – would not be completely banned, but may not be “targeted” based on spend.
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So a £125 soft credit check, but a £1k loss in 24 hours and they go hard on you probably paperwork etc.
Ffs couldnt get any worse for fulltimers on here, liquidity will fall again. The £2K in 90 days would appear impossible to get round for most who play at certain odds, but theres no way in hell you can avoid a £1k loss in 24 hours |
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Other products, including other online casino games, will not have stakes capped.
What's that all about then  |
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I've always been allowed to play the daily spin on 'sly' promotion, and any winning will go on horses. However, just last week 'sly' emailed to say I'd not be offered that promotion any more. I was astounded to say the least.
I stopped betting with them even not attracted by the weekly £5 free bet for every £25 spent. I'm spending my money elsewhere now. Slots - no restriction. That's their business motto. I hope the government review will "cane" bookies hard. |
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No idea Duffy, I presume its your lottos etc, whatever they are theyll just be subject to the affordability checks
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So if you have 20k in here lets say mostly winnings and you put £1000 on each bet with your first loser you will be asked for bank statements/income check ?
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It leads me to believe that once they ask your account wouldn't get unsuspended until its received
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At somepoint the ones wishing on restrictions will come to rue the day....
It all could have been about educating the feckless, but no. |
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They, ofc, will just go and f0ck up some other way.
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I will say it doesn't mention paper checks at any level.
Which is why there was a sentence regarding credit scores. If they run soft check at £125pm what check could they run at a £1k loss in a day if its non intrusive ? |
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Players would be allowed to have a net loss of up to £125 per month or £500 per year before “passive” checks –
What am I missing, does this even make sense? you can lose 100 a month without checks but that would also mean you'd lose more than 500 a year that means checks |
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Penny Mourdant running on 4 pledges to get back to traditional values, one of which is more personal responsibility.
You couldn't make it up |
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And don't forget there needs to be a centralized system with all betting from all accounts put in one pot...no good if you lose 100 across each of numerous betting accounts.
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Affordability checks are already in place.
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Savings account applications can do a soft check or a 'harder'? check that leaves a search on your credit file (why if you are only saving money and not using credit?)
The point is the general advice is not to apply to too many if you are about to apply for credit elsewhere as you are more likely to get knocked back How often would they even be applying these checks, because it cant just be once as situations change. Its a total liberty and the result of p1ssypants Human resource generation bedwetters. They are Wes, but apparently this will be for everyone from the point its introduced, rather than those who are obvious losers, which is significant imo |
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I can accept AC, it's the whim of the bookies on bet restriction I've an issue with. They are so indiscriminate and without justification. But, their decision is final.
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It's going to turn this place into a ghost town, the bigger layers are going to get caught up in AC if it's non discretionary.
There's literally no way of giving leeway to users if they're threatened with fines. |
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Its already been said, but if bf havnt explained that the exchange rquires special dispensation as its different to traditional betting then they will have failed their customers.
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What are Betfair doing about this.
They can't operate if these checks are made |
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It's in The Exchange's interest to maintain status-quo otherwise liquidity will evaporate, a big bonus for the unregulated.
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I can deposit 5k a month I nto 365
Can only do a tenth of that in here |
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Traditional bookies have always been opposed to the exchanges, is it any wonder they see the possibility of finally getting rid.
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If the exchange succeeds in convincing the state that it is indeed different from traditional gambling, then you can say hello to bookmakers' licences for layers, and possibly income tax for the winners.
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so if you lose you cant bet and if you win the bookies will close you down or restrict you so you cant bet either. you really couldnt make it up...
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£500 in your account, 3k landed on an acca on Saturday.
£3500 left in on Saturday night £1200 lost on multiple Sunday bets, £2300 left in. Profit for weekend £1800 Account closed down on Monday till paperwork received showing you can afford to lose the money you won, the day prior. Seriously |
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If what are being told is correct , or even close to the actual changes that place.....almost all of us will stop gambling .....and we won't be back.
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Brother had someone live chat him yesterday and he explained how he can afford to bet how he does. Good job/savings etc, all deposits from his own bank account. After about half an hour got the go ahead to proceed as normal. Couple of hours later, £100 limit applied for 14 days until he provides documentation and then Betfair account paused until he does. Another customer lost.
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It's like the old 'law' that you should never, ever, tell the wife if you've won 3 grand on an acca. She'll never understand that it means there's no problem if you lose £1,200 the day after.
All that matters to her is that you should have given her the three grand, and that way you couldn't have lost the £1,200 the next day. Now the State wants to take the place of the wife. We're all married men now. Just married to the bloody State. |
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yup screaming
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With anyone Wes, it's just an example of the new ruling should it get through
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Oh ok, thought that had already happened to someone.
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how have the share prices all not dropped? can't understand that one
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Entain and Flutter share prices both down circa 35% in last 6 months
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sorry i was only looking at today. didn't realise they'd dropped that much. when you see what the bookies do to try and increase profits on a yearly basis it will be very interesting to see what tricks they have up their sleeve to continue at the same rate.
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Apologies for my ignorance, but am I correct in saying the proposed affordability checks are only applicable to online betting? Struggling to see how such restrictions could be implemented on a retail/betting shop level. Many thanks...
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TT
What about the ‘net’ profit argument, why wouldn’t the fact you are still in profit over a given period stop the request? On flutter themselves, the lion share of their revenue now come from USA alone. I’ve been saying it all along, if the barrier to trade in a market becomes too steep the focus goes elsewhere, and flutter have different priorities now. If the collective have to be accountable for the failings of a tiny minority, rather than educate those minorities then everyone could suffer. |
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The article states that the trigger will be a £1,000 loss in 24 hours.
The £3,000 you won in the previous 24 hours would be inconsequential. |
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But that’s at odds with the other metric of 2000 net loss over 3 months.
One thing I will say is wait for the actual definition that the paper actually says first…. |