Industry fears financial risk checks will push punters towards black market
Two-thirds (65 per cent) of sports betting customers say they would be unwilling to hand over personal documents, as industry fears mount over financial risk checks pushing punters towards the harmful, illegal black market.
A new YouGov poll for the Betting and Gaming Council found 65 per cent of bettors are not willing to provide documents like bank statements to prove their financial circumstances, with industry experts warning the true figure could be even higher in practice.
The findings raise fresh concerns that heavy-handed financial risk assessments (FRAs) will drive ordinary punters away from the regulated sector and into the arms of illegal operators.
They also reinforce previously hidden evidence from a Gambling Commission survey, only released following a Freedom of Information request, which revealed the scale of opposition when the Gambling Commission first tested these policies. That survey of over 12,000 respondents found 77 per cent opposed financial risk checks, while just 14 per cent said they would be willing to share financial information, among frequent bettors, the very customers most likely to be impacted by the checks.
The Betting and Gaming Council has also raised concerns following early trials of these checks, which have highlighted issues with inconsistent data, unclear outcomes and unnecessary friction for customers.
The Betting and Gaming Council warn that so-called “frictionless” checks risk becoming anything but, creating barriers for the vast majority of customers who bet safely and responsibly while fuelling the growth of the harmful, unregulated black market.
Grainne Hurst, Chief Executive of the Betting and Gaming Council, said: “Ministers promised punters frictionless checks, but the Gambling Commission risks pushing ahead with the exact opposite.
“Forcing punters to hand over bank statements isn’t ‘frictionless’, it’s intrusive and will drive customers to the illegal market, where there are no safeguards at all.
“This poll sends a clear message from punters. A majority (65%) are unwilling to provide this kind of sensitive financial information, and the reality is that number could be even higher when these checks are rolled out in practice.
“These proposals will push customers away from the regulated sector and towards the harmful, illegal black market, undermining the very protections these checks are supposed to deliver.”
The polling comes amid growing evidence that the proposed rules risk alienating millions of customers who enjoy betting as a normal part of everyday life.
Each month around 22.5 million people in Britain place a bet, whether that’s on the lottery, in bookmakers, casinos, bingo halls or online, and the overwhelming majority do so safely.
But punters are clear they are unwilling to provide sensitive financial information, with many warning they would simply walk away if required to do so.
The Betting and Gaming Council warns this creates a dangerous opening for the booming, unregulated black market, where there are no player protections, no tax contributions to the UK and no contribution to sport.
The BGC, which represents over 90 per cent of the regulated industry, has consistently backed targeted, proportionate measures to protect vulnerable players, but warns these checks go too far.
Hurst added: “The overwhelming majority of customers bet safely and within their means. We should be focusing on protecting the vulnerable, not placing unnecessary hurdles in front of millions of ordinary punters.
“Getting this balance wrong won’t just damage customer trust, it will put people at greater risk and further fuel the growth of the illegal market.”
The regulated betting and gaming sector supports 109,000 jobs, contributes £6.8bn to the economy and raises £4bn in taxes each year.
The BGC is urging policymakers to ensure new rules are truly frictionless, warning that anything less risks harming both players and the wider economy.
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Industry fears financial risk checks will push punters towards black market Two-thirds (65 per cent) of sports betting customers say they would be unwilling to hand over personal documents, as industry fears mount over financial risk checks pushing punters towards the harmful, illegal black market. A new YouGov poll for the Betting and Gaming Council…
The post 65 per cent of sports betting customers in the UK are unwilling to hand over personal documents appeared first on G3 Newswire.