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Thursday afternoon saw the long-awaited release of the Government Gambling Act White Paper.
Online punters will be subject to two financial risk safety checks. The initial, described as "background checks at moderate levels of spend" will be undertaken when a £125 monthly net loss limit or a £500 yearly net loss limit has been reached.
A second check of a £1,000 net loss within 24 hours or £2,000 within 90 days is intended to tackle "harmful binge gambling or sustained unaffordable losses". Those limits are set to be halved for those aged between 18-24.
The Government Gambling Act White Paper also suggests that it has begun to review the Levy reform with a completion date set for 2024. It was quoted as saying "The government recognises the significant contribution that horseracing makes to British sporting culture and its particular importance to the British rural economy and is keen to ensure that measures such as financial risk checks do not adversely affect the sector."
The paper also included a statutory levy on gambling operators in order to improve funding and research surrounding problem gambling.
Existing unlimited stakes for online slots games will be no longer be permitted. A threshold of between £2 and £15 per spin will be put in place along with an increase in consultation with internet service providers to tackle black market operators.
New regulations will be put in place surrounding bonus offers and free bets.
In a press release by the BHA, Joe Saumarez Smith, Chair of the British Horseracing Authority stated "It is crucial that any regulatory framework for gambling recognises that millions of people safely enjoy betting on horseracing, while taking action where needed to protect people experiencing gambling-related harm. British racing is already supporting work in this area through the development of a safer gambling policy, building on good practices already established on our racecourses.
"We are pleased that the UK Government has reflected on our industry's detailed representations and recognised the importance of British racing in today's White Paper. Throughout the last two years, we have spoken clearly and with one voice to the Government about the importance of proportionate legislation, and the significant potential for unintended consequences.
"While there are a range of measures included within the White Paper, there will be a series of further important consultation processes – including on the critical area of affordability checks – in the months ahead.
"In these, we will continue to make our case that sweeping blanket checks on affordability are not appropriate, with any measures needing to be proportionate and targeted at individuals and their specific circumstances.
"We will now undertake further consideration of these measures, assessing their impacts on British Racing, and will provide a comprehensive, evidence-based, response to the various processes which today's White Paper has commenced."
