The British horseracing industry has taken a united stance against the UK government’s plans to introduce intrusive affordability checks that they believe could significantly disrupt the world of horseracing. A petition has been initiated to urge the UK government to suspend these measures, which have been met with opposition from both within the industry and punters.
The controversial proposal
The objections stem from the Gambling White Paper, published in April, which proposes the introduction of two tiers of affordability checks. The first tier would encompass bettors who incur losses as low as £125 within 30 days or £500 in a year. They would be subjected to background checks utilizing publicly available data, aiming for a “frictionless” verification process. For bettors with net losses of £1000 within 24 hours or £2000 in 90 days, the second tier would impose more rigorous scrutiny.
These checks could involve credit reference agencies and necessitate bookmakers to request personal documentation, such as bank statements and proof of earnings from their customers.
The horseracing industry believes these measures are detrimental to their community, and industry experts fear the potentially catastrophic effects these checks could have on the sport. More than half of the participants in a 14,000-person survey expressed their reluctance to disclose financial details. Independent estimations predict that the sport could suffer a loss of up to £250 million ($309.2 million) in revenue over the next five years.
The petition about Horse Racing
This petition emerged following a consultation titled ‘Financial risk checks for bettors’ conducted by the Gambling Commission, which concluded on October 18, 2023. The petition, which is available on Change.org under the name of Nevin Truesdale, the CEO of the Jockey Club, represents the broader British horseracing sector. This sector not only supports over 85,000 jobs but also contributes an impressive £4.1 billion ($5 billion) to the UK economy annually.
The petition has already attracted over 68,000 signatures, with signatories expressing concerns that these stringent checks may drive punters toward illegal gambling markets. Notably, if the petition garners 10,000 signatures, the UK government is obligated to provide a public response. Furthermore, if it reaches 100,000 signatures, there is an opportunity to secure a debate in the House of Commons.
Nevin Truesdale emphasized the potential dire outcomes of these proposed affordability checks, stating, “We know that the likely result will either be people leaving the sport, some as owners as well as bettors, or much worse, switching to the unregulated black market. Both of these outcomes will have catastrophic consequences, not only for racing’s financial ecosystem but for thousands of livelihoods that depend on it. This will impact communities and families across the country.”
The affordability checks have the potential to jeopardize the livelihoods of numerous individuals involved in the horseracing industry, including breeders, trainers, farriers, veterinarians, jockeys, and many others who contribute to the sport’s annual £4.1 billion ($5 billion) contribution to the UK economy. The petition serves as a rallying cry to prevent these measures from coming into effect and to protect the well-being of the horseracing community and the British economy.
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