PPB Paddy Power Betfair Plc

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RNS Number : 7511X

Flutter Entertainment PLC

27 April 2023

27 April 2023

Flutter Entertainment plc ("Flutter" or "Group")

Flutter welcomes the publication of the UK Government Gambling Act Review

The UK Government has today published its White Paper on the review of the 2005 Gambling Act ('GAR'). With our ambition to lead positive change in the global betting and gaming industry, we welcome the review which puts customer protection at its heart. We have engaged extensively on the GAR, actively encouraging an evidence-led approach, and look forward to contributing to the subsequent consultations announced today.

Flutter believes the GAR represents an important and necessary change for the industry, as it looks to ensure all operators raise standards and make responsible play a priority, as Flutter has done with its Play Well strategy. During the review process over the last three years, Flutter has proactively introduced and implemented a broad range of player protections, and alongside other major operators has implemented a voluntary industry levy for research, education and treatment.

GAR White Paper Overview:

The key measures in the White Paper are:

   --    Online slot limits : 

o A consultation will be held to determine a staking limit for online slot gaming products of between GBP2 and GBP15. Since 2021, Flutter has enforced a maximum slot limit of GBP10 per spin

   --    Mandatory levy for Research, Education and Treatment ('RET') 

o In tandem with our partners in the BGC, Flutter has already committed to contributing 1% of annual revenue to RET, and in 2023 has already made voluntary charitable contributions of over GBP18m as part of its 1% (GBP20m) annual commitment. The Group welcomes a levy now being made mandatory for all licensed operators

   --    Enhanced Spending Checks ('ESC') and Financial Vulnerability Checks ('FVC') 

o A consultation will take place on implementing industry standard frictionless ESCs, applying where players lose more than GBP1,000 in a single day or over GBP2,000 in 90 days. These thresholds are halved for players under the age of 25. The consultation will also include the implementation of FVCs where players lose more than GBP125 in a month or GBP500 in a year. Flutter already has a well-developed and extensive player protection framework that identifies various at-risk player behaviours through a range of markers of risk, and expects the customer information obtained through ESC's and FVC's to be assessed within this existing framework

In line with Flutter's strategy to take a leadership role in responsible betting and gaming, the Group's pre-emptive changes have already removed GBP150m in annual revenue from our UK business. The Group's current best view is that the gross incremental revenue impact from the proposed measures announced today could be between GBP50m - GBP100m. This would result in the total cumulative revenue impact of changes already introduced and those announced today of between GBP200m-GBP250m of annual UK revenue. We estimate that there will be no incremental impact in 2023, with changes occurring from some point in 2024.

Peter Jackson, Chief Executive, commented:

"We welcome the publication of the White Paper, which we see as a significant positive moment for the UK gambling sector, raising standards and bringing the regulatory framework into the digital age. We believe proactive change will lead to a better future for our industry and have introduced industry-leading safer gambling controls via our 'Play Well' strategy over the last few years, including setting mandatory deposit limits for customers under 25, reducing online slots staking limits and making material investments in our safer gambling operational capabilities.

We will constructively engage with the Government and Gambling Commission as part of the subsequent industry consultation process, with a focus on providing support to the minority at-risk of gambling harm without interfering disproportionately with the enjoyment of the vast majority. We encourage the regulator to look at what more it can do to tackle the problem of the growing number of unlicensed and unregulated gambling companies targeting at-risk gamblers across the country. It is important to get new regulation right from the start, as it will ultimately provide the certainty our industry needs to continue investing in jobs and in further growing the UK's lead in digital innovation in our rapidly evolving market."

Contacts:

 
 Investor Relations: 
 Paul Tymms, Director of IR and FP&A          + 44 75 5715 5768 
 Ciara O'Mullane, Investor Relations          + 353 87 947 7862 
 Liam Kealy, Investor Relations               + 353 87 665 2014 
 
   Press: 
 Kate Delahunty, Chief Communications 
  Officer                                     + 44 78 1077 0165 
 Lindsay Dunford, Corporate Communications    + 44 79 3197 2959 
 Rob Allen, Corporate Communications          + 44 75 5444 1363 
 Billy Murphy, Drury Communications           + 353 1 260 5000 
 James Murgatroyd, FGS Global                 + 44 20 7251 380 
 

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END

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April 27, 2023 09:50 ET (13:50 GMT)

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