GVC CEO against APPG’s online stake limit
The CEO of GVC Holdings talked about the APPG’s recommendation to cut the stake limit on online casino games to £2.
UK.- Kenny Alexander, chief executive of GVC Holdings, discussed a recent report from the Gambling Related Harm All-Party Parliamentary Group (APPG), in which the maximum stake that can be bet on online casinos was criticised. The CEO slammed the report and said that the suggestion to cut the stake limit to £2 is ridiculous.
Alexander talked at the keynote event “Reputation Matters – gambling sector in the spotlight” and said that he is aware that to be sustainable in the industry it is necessary to be responsible. However, he considers that setting a £2 stake limit on online gambling just as the UK did with FOBTs is ridiculous.
Alexander said that a £2 online stake limit would help the black market grow and revive operators based in jurisdictions like Curacao. The CEO recognises that online gambling companies have mechanisms that land-based casinos don’t, and that is why the reduction on FOBTs was necessary, while the one in the online sector isn’t.
APPG’s suggestions
The APPG says that there is no reason why online slot games have stake levels higher than £2 and highlighted that such a thing is not allowed land-based, therefore it shouldn’t be permitted online either.
The MPs are now urging online gambling operators to sign the “Charter for Regulatory Reform” to show that they’re committed to supporting the policy proposals and modifications in the report. Some of the measures include the stake limit, a ban on credit cards for gambling, improved affordability checks, VIP accounts restriction and greater action to deal with inappropriate use of NDAs.
