Julie Harrington, the top dog at the British Horseracing Authority (BHA), has weighed in on the ongoing affordability check controversy shaking the horseracing community. She addressed the recent adjustments to how bookmakers are expected to scrutinize their patrons’ financial situations.
These revised regulations, crafted by the Gambling Commission in conjunction with the Betting and Gaming Council (BGC), aim to standardize the execution of these financial assessments. The BGC issued their own “Customer Due Diligence Guidance,” a document developed with input from the Gambling Commission.
Harrington emphasized, “We appreciate the government heeding the concerns of the racing industry, which has actively opposed these affordability checks for over a year since their initial appearance in a white paper. Through initiatives like our ‘Right to Bet’ campaign and petition signings culminating in that significant debate at Westminster Hall in February, racing enthusiasts and the industry as a whole made their opinions resoundingly clear, and the government took notice. That impact is undeniable.”
She continued, “Elevating the limit for these affordability checks is a positive stride, but it doesn’t guarantee the financial stability of horseracing.”
These fresh recommendations from the BHA are not mandatory. They propose that if an individual deposits more than £5,000 (approximately $6,240) into their wagering account monthly, bookmakers should likely request financial documentation.
She went on to voice worry that the administration has yet to deliver on its pledged fiscal examination, jeopardizing the financial soundness of the horse racing sector. This assessment was guaranteed over twelve months ago! She highlighted the pressing need to institute fresh rules for anti-money laundering protocols to avert undue constraints on racing punters.
Harrington underscored the significance of collaborating with government representatives such as Lucy Frazer and Stuart Andrew to secure a viable funding framework for British horse racing. This encompasses advocating for a reassessment of the levy structure and guaranteeing equitable conditions by incorporating wagers placed on international racing within the levy. She brought to mind that horse racing is a substantial contributor to the UK’s economic engine, particularly in non-urban areas, and sustains a multitude of employment opportunities.