Lee Fenton: Gamesys “very well prepared” for UK gambling white paper
CEO reveals casino and bingo operator has gradually reduced online slot stakes ahead of looming legislative changes
Bally’s CEO Lee Fenton has said the operator’s UK-facing Gamesys Group has had “more than enough time” to prepare for the impending changes due from the white paper into the Gambling Act 2005 review.
Fenton, who shifted to group CEO of the combined business after Bally’s merged with Gamesys in a £2bn deal in October 2021, was speaking as part of the US firm’s Q2 results presentation.
When pressed by analysts on the future performance of Gamesys, which operates brands such as Jackpotjoy and Virgin Games in the UK, Fenton said looming legislative change had been accounted for in the group’s strategy.
Fenton noted that Gamesys has gradually been cutting online slot stake limits, while also introducing lower payouts across its jackpots.
He said: “We feel very well prepared for it. We’ve been reducing slot stakes across the business for quite some time now and we’re moving to a max stake of £25 across the business in the UK. I think we’ve had more than enough time to prepare for what [the white paper] might mean for us and we’ve made a lot of progress against that.”
Touching on the white paper itself, Fenton was keen to stress that its publication will usher in another consultation period.
He continued: “Remember, the white paper is going to be a consultation. I think from our perspective and from everybody in the industry’s perspective, we’d like to get it out there. We’d like to get the consultation done and we’d like to be the other side, so we know exactly what we’re working with.
“I think then, that will give us a framework, but the details will get filled in over time,” he added.
Fenton also noted that a changing of the guard at Downing Street would not necessarily bring in any sweeping changes to the white paper, with the document sent to Number 10 before Prime Minister Boris Johnson’s resignation in July.
Liz Truss and Rishi Sunak are vying to become the next leader of the Conservative Party, with both having been supportive of the gambling industry in the past.
Fenton added: “A new Prime Minister but it’s the same party, right? I don’t expect radical shifts from the former Prime Minister to whoever succeeds him. A lot of work has already been completed, of course, within the relevant ministry.
“We’ll have to wait and see whether it’s [Sunak or Truss] on 5 September, but we wouldn’t expect any radical departures from the current trajectory,” the Bally’s CEO added.