The Betting and Gaming Council (BGC) has welcomed the appointment of Poppy Gustafsson OBE as the Minister for Investment, underscoring the importance of her expertise for nurturing a good relationship between industry and policymakers.
Gustafsson is the former CEO of Darktrace, a British cybersecurity firm. Her key responsibility as a Government representative will include navigating the UK’s investment strategies across all sectors, targeting business and economic growth across the country.
As it stands, the BGC, together with all of its members, such as bet365, Flutter Entertainment, Entain PLC, and more, make around £7.1bn of annual contributions to the national economy, on top of generating £4.2bn in tax.
In addition, the industry body also supports 110,000 jobs, with two thirds of those based outside of London – bet365 is the biggest employer in Stoke-on-Trent, Flutter is a key private sector player in Leeds and Sunderland, while Entain has significant presence in Nottingham.
Sport on the grassroot and elite levels has also received strategic investments throughout the years.
Sky Bet, the betting brand of Sky Betting & Gaming – another BGC member – sponsors the English Football League and hands out £40m in support packages for its clubs. William Hill also sponsors the Scottish Professional Football League while being a partner of the standards body.
With last year’s White Paper coming into the picture however, the gambling sector is now facing mandatory requirements to implement the new changes, which will carry a cost of around £1bn.
Shifts in regulations and potential tax increases could threaten the industry’s appeal for investors, hindering its growth across the UK. This is in addition to the ever-growing risks of the black market for the British consumer, and the constant devising strategies that can counter it.
This is where Gustafsson will be needed the most, entrusted with maintaining the right balance between control and scalability.
Personally addressing the new Minister for Investment, Grainne Hurst, BGC CEO, commented: “On behalf of our members, the 110,000 people whose jobs rely on the regulated betting and gaming industry, and the 22.5 million people who enjoy a bet each month, I’d like to congratulate Poppy Gustafsson OBE on her appointment as Minister for Investment.
“Poppy is an accomplished entrepreneur and brings a wealth of much needed business and financial experience to this new role. I’m also delighted to see that she will be a joint minister across the Department for Business and Trade and the Treasury, where I know her private sector expertise will make a huge contribution.
“From high streets to hospitality, from tourism to tech, our members generate £4.2bn in taxes for the Treasury and contribute £7.1bn to the wider economy. This is a sector ready to contribute to growth, jobs and investment across the economy.
“The BGC and our members remain committed to implementing changes outlined in the White Paper, ensuring those measures get the balance right between protecting the vulnerable, while allowing the vast majority of punters who enjoy betting responsibly to continue doing so without unnecessary intrusion.
“Our sector needs a solid and stable regulatory footing and tax environment to be able to unlock new investment and grow across the whole of the country. That is particularly true for our land-based casino members, where policy is already set, but needs to be implemented, to unlock vital new investment.”