UKGC regulations will close down independent bookies, says StarSports’ Ben Keith
Keith says regulators care less about smaller operators surviving because they pay less tax
The UKGC’s recently implemented source of funds requirements could force independent bookies to shut down according to StarSports founder Ben Keith.
Speaking to EGR, Keith said: “The reality is there are lots of poor bookies but people that don’t know anything about us have read we make lots of money so they want to make more tax off them.
“We’re very scared of the Gambling Commission. I think it’s easy to beat up a bookie now if you’re a regulator or a government.
“They are never going to close Ladbrokes because they pay huge amounts of tax. I don’t think the rules are realistic.
Keith said personal service and innovation has been lost thanks to the consolidation in the UK betting sector.
“I think these companies have gotten bigger and bigger and they’ve merged which has reduced flare and competition,” Keith said.
In response, a UK Gambling Commission spokesperson told EGR: ““We expect all gambling operators – no matter their size – to raise standards in the industry to protect consumers from gambling related harm and keep gambling fair and safe.”
Both William Hill and Rank attributed the stricter source-of-funds checks to lower gaming revenues in H1.
William Hill CEO Philip Bowcock said the operator had seen a reduction in higher value customers after asking for customers for a source of funds.