...By Lola Smith for TDPel Media.
Flutter Entertainment, the parent company of Paddy Power and Betfair, has warned that the UK government’s proposals to overhaul online gambling rules could cost the company between £200 million and £250 million in revenue.
The firm has already taken measures similar to some of the proposals, including a £10 cap on stakes for online slot machines, and checks on higher-spending customers, which cost the company approximately £150 million annually.
Flutter CEO, Peter Jackson, has said that the firm will work with the government and the Gambling Commission to help shape the final version of the proposals that become law.
Flutter has also called on the regulator to do more to tackle the problem of the growing number of unlicensed and unregulated gambling companies targeting at-risk gamblers across the country.
The company has appointed former Kellogg’s boss, John Bryant, as its next chair.
Its shareholders are set to vote on whether to pursue a dual-listing of its stock in London and New York, with the measure expected to be approved.
Flutter has said that this could be a step towards making the US the primary home of its shares.
The potential impact of the UK government’s proposals on online gambling regulations could have significant financial implications for Flutter.
The company has already implemented measures similar to some of the proposals, which have cost it a considerable amount in revenue.
With the proposals expected to be put out for consultation, Flutter has said that it will work with the government to help shape the final version of the proposals that become law.
Flutter’s call for the regulator to do more to tackle the growing number of unlicensed and unregulated gambling companies is an important one.
The issue of problem gambling and its impact on vulnerable individuals is one that needs to be taken seriously.
As Flutter’s CEO stated, it is important to get new regulation right from the start to provide certainty for the industry to continue investing in jobs and further growing the UK’s lead in digital innovation.
Flutter’s appointment of John Bryant as its next chair is also significant.
His experience at Kellogg’s will undoubtedly be valuable in guiding the company, and his appointment is a reflection of the company’s continued growth and success in the industry.