Michael Duger , chief executive of the BGC, reiterated his concern about possible over-regulation of the UK gambling industry and the dangers associated with black market operators.
In conversation with Andy Sylvester from City AM podcast " cityview» Douger discussed the current review of UK legislation on gambling by the UK Gambling Commission (UKGC) and presented the views of the BGC on this matter.
“We know the government is looking at a review of our sector and our industry and that is something we have called for and welcomed and we are not waiting for a government review,” the former Labor MP for Barnsley East and Shadow Cabinet began.
“Over the last year of BGC's existence, we have implemented a whole host of new measures and big changes to really adopt this gambling policy.
“It shows again that in a regulated sector with a license and tax controls, this is the safest place to bet.”
The dominance of illegal black market operators in the UK gambling sector has been the subject of discussion in recent months, with the BGC and other industry leaders repeatedly stating their concerns that over-regulation of the industry could push players to illegal websites.
The CEO of BGC continued that if people are forced to "go through hoops", they are more likely to turn to underground operators that are not regulated and do not pursue safer gambling goals.
In addition, Douger highlighted the huge economic contribution of the betting and gambling industry, including its role as an "important source of employment" supporting 46,000 jobs in retail bookmakers, as well as "thousands of others who also work in casinos."
The executive also stressed that BGC members are supporting 120,000 jobs which generate around £4.5bn in taxes and add "about £7.7bn of gross value added to the economy".
Finally, Douger also referred to the significant financial support given to British sport at levels ranging from the grassroots to the elite by the betting industry, including football, rugby league, horse racing and darts.
A source - City AM
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