BGC Report Reveals Massive Gambling Black Market in the UK
The Betting and Gaming Council (BGC), a UK trade body of gambling industry stakeholders, has released the results of a report that highlights that there is large black market gambling activity in the UK, with as many as 1.5 million individuals wagering up to £4.3bn annually. The BGC stating balanced regulation can combat this activity.
BGC report shows illegal betting activity of more than £4 billion in the UK.
LISTEN TO THIS ARTICLE:The report was commissioned by the BGC to investigate the size of the illegal gambling market in the UK region. In a breakdown of the black market gambling sector in the UK, the report showed that £2.7bn is bet through illegal online unregulated sites, while a further £1.6bn takes place in various underground venues.
Another issue the report revealed is that illegal gaming operators are targeting vulnerable groups in the gambling industry, including young people, problem gamblers, and those players who have joined gambling self-exclusion register schemes.
This shocking report exposes the unnerving true scale of the growing, unsafe, unregulated gambling black market.
From online gaming to betting on sports like horse racing, millions of customers are being driven into the arms of pernicious black market operators. These people don’t care about player safety, don’t want to pay their fair share to support sport, and don’t pay a penny in tax.
By failing to adhere to the stringent standards set by the Gambling Commission, unregulated operators in the unsafe black market can make bigger offers, grant customers total anonymity, and promise the freedom to gamble without any controls or safety measures, unlike BGC members.
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Over Regulation of Gaming Markets Fuels Illegal Gambling
Stakeholders in the gambling industry warn there are several negative effects within the gambling black market. Regulators and gambling companies in the UK are working in concert to promote responsible gaming and create a safe environment for players in the region who may be at risk of gambling-related harm. Illegal gaming operators are under no obligation to follow gambling legislation outlined by the UK government.
Additionally, gambling companies in the region provide the UK treasury with millions each year, some of which are used to provide facilities and initiatives for those affected by problem gambling.
The BGC has expressed the opinion that the government needs to strike a careful balance with the legislation of gambling companies and ensure the gambling industry is not over-regulated. Over-regulation of the gambling industry could lead to an increase in black market gambling activity and drive those who are most vulnerable to engage in illegal betting activities.
The Government and the regulator risk sleepwalking into this issue. Simply giving the GC more powers and more resources to tackle the black market won’t, in itself, work. Enforcement is only part of the solution. The fact is onerous and ill-judged regulations drive customers from the regulated sector to the unsafe, unregulated gambling black market.
The UK gambling sector is undergoing legislative reform and the BGC welcomes the initial approach by the new UK government.
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