Betting affordability checks: Could new legislation sound a death knell for horse racing?
With the UK gambling review set to propose compulsory affordability checks, Tipstrr racing analyst Andrew of Fiosrach gives his own perspective on how this move might impact the horse racing industry.
There has been a fair amount written over the past few months about the likely demand for bookmakers to run affordability checks on account holders as part of the Gambling Review White Paper.
Judging by the ongoing commentary from some of those important folk in the industry who are close to the discussions, these affordability checks may be for anyone who has lost £100 or more in a month.
Bookmakers have already started requesting ID, bank statements, proof of address, P60 etc, which is more akin to someone applying for a mortgage of hundreds of thousands of pounds than someone wanting to place their own monies on a horse, football fixture, tennis match etc.
Personally, I will not be providing any of this information, although I have no issue in providing ID and proof of address as part of anti-money laundering (AML)/know your customer (KYC) requirements.
This is not the same for revenues on golf, football or any other sport.
Bookmakers' actions of closing winning accounts, restricting bets to a matter of pence regardless of how small the liability, while at the same time happily accepting large bets from habitual losing punters, has fired the zealous advocates of the Gambling Review.
I would go further than that - if the £100 loss limit is put in force, then racing as we know it could well collapse within the next decade, as bettors either go to illegal sites or stop betting altogether.
A common sense solution?
Bookmakers already use this technology to identify winning bettors to close accounts and restrict bets, so why not use the same tools for a more positive impact?