The British Horseracing Authority, the Racecourse Association, and the Horsemen’s Group have strongly opposed proposals from the UK Gambling Commission for customer financial stability checks, arguing that these measures would have a devastating effect on the finances of horse racing and its recovery from the COVID-19 outbreak.
The Commission initiated a period of public input in November to gather feedback on its plans, which would require licensed operators to take action based on data they have about players’ potential vulnerability.
This includes operators being required to implement more stringent requirements, such as clear financial stability assessments with thresholds set by the Commission.
However, the three horse racing organizations have strongly criticized these proposals, stating that they are deeply concerned about the potential impact on the horse racing industry, which experienced significant losses in 2020 due to the COVID-19 pandemic.
BHA Chief Executive Julie Harrington stated: “A significant portion of our work, and that of leaders across the industry, is currently focused on a number of financial issues that are crucial to horse racing’s recovery from the impact of COVID-19.”
It is essential to be prepared for any eventuality and collaborate with the authorities and other athletic organizations to bring back supporters and proprietors as quickly as possible.
These proposals emerge as the government has declared a reassessment of the Gambling Act to make it suitable for the present era. The existing legislation was enacted in 2005.
The three entities expressed their willingness to cooperate with the government in this review to establish new regulations that are appropriate for the contemporary marketplace and to demonstrate the significance of wagering and racing to the economy.
They also indicated that they would engage in discussions with businesses as part of their plans to gather evidence supporting the need for modifications during the review process.
The head of the RCA, David Armstrong, stated: “Horse racing is encountering its most challenging period since the onset of the pandemic. With the affordability review, the Gambling Act review, and Brexit looming, coupled with the absence of any indication of fans returning in the near future, the next six months will be pivotal for our recovery.”
Charlie Liverton, the leader of the Racehorse Owners Association, added: “The consequences of COVID-19 are still having a detrimental impact on British racing, both on and off the track.”
The possible influence of government inspection, including the Gambling Act and financial status checks, is generating worry.
Horse racing groups are the most recent to express their worries about financial status checks within the gambling industry. The UK Gambling Commission has declared that such proposals could drive everyday gamblers towards the illicit market if checks on their earnings are too intrusive and burdensome.
The Gambling Commission previously tried to minimize the possibility of players moving to offshore websites.
“The return of racetrack owners remains a key goal for us, and we will collaborate with the Jockey Club and the British Horseracing Authority to reopen racetracks to racing enthusiasts as soon as regulations permit.”
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