GVC Holdings boss Kenny Alexander lashed out back at a UK parliamentary group that called him a coward after the executive did not appear before MPs as they sought evidence on whether a new wave of gambling restrictions should be unleashed upon the sector.
Following a six-month inquiry, the UK Gambling Related Harm All Party Parliamentary Group (APPG) called last week for the implementation of a £2-per-spin limit for online slots. If the measure is introduced, it will bring online slots stakes in line with the recently introduced £2 maximum stake limit on the highly controversial fixed-odds betting terminals.
The APPG said that the changes would erase the disparity between online and retail stakes, but Mr. Alexander slammed the proposed online stakes limit, saying that online slots and FOBTs are completely different when it comes to player protection.
In his keynote speech at Clear Concise Media’s Reputation Matters event that took place last week at the Soho Hotel in London, Mr. Alexander said that while the FOBTs maximum stake limit was a necessary measure, comparing gambling at betting shops and online casinos is “completely false.”
Online Casinos Have the Tools to Restrict Excessive Gambling
The parliamentary group behind the proposed online slots stakes maximum limit said that the measure aims to protect gamblers from falling victims to problem gambling as fears of a gambling addiction epidemic have kept growing in recent years.
Mr. Alexander said that his company as well as all UK-licensed operators “have controls, techniques, mechanisms for complete visibility of our players that for FOBTs you could never have.”
The gambling executive went on that transparency is definitely an issue with retail gambling and that was why a crackdown was a necessary step. However, he noted that they “have so much more transparency” in the online sector and they can easily step in if a gambler’s behavior is becoming problematic.
Mr. Alexander’s comments came shortly after news emerged that Ladbrokes, one of GVC’s flagship brands, would not be fined by the UK Gambling Commission after the regulator received a complaint that its licensee had promised to pay a total of £1 million to placate the victims of a problem gambler who stole money from them to gamble with the bookmaker. However, Ladbrokes warned that it would only reimburse those affected if they did not report it to the UK gambling watchdog.
The Black Market Will Be the Biggest Winner in Case of Crackdown
Mr. Alexander warned that if the proposed £2-per-spin limit is implemented on online slots, that would drive players to the black market where they would be able to place as large wagers as they wish.
He pointed out that “if they put a £2 limit on online casinos, the day after that, virtually the same amount of people who used to stake more than £2 will go to the black market.” Mr. Alexander said that while he does not think that currently there is a problem gambling epidemic in the UK, “there will be one if they continue down this route because players will play at offshore, illegal sites.”
According to the GVC boss, the proposed measure would do nothing to prevent problem gambling and “is only going to make it worse.” In addition, it would result in a reduction in taxes and more job losses.
”I Am No Coward”
In his speech, Mr. Alexander also addressed the APPG’s comments that it was “appalled at the cowardly behaviour” of the executive after he refused to appear before MPs. The executive said last week that he has “many weaknesses but I can tell you that I am no coward.”
Mr. Alexander explained that he had a board meeting in the Isle of Man and that was why he was not in attendance. He also noted that “not a single listed CEO turned up.” The GVC Chief Executive said that he had written to the chair of the APPG, Carolyn Harris MP, and that he would “happily meet her at any time.”
Of why he chose not to send a GVC representative at the parliamentary grilling, Mr. Alexander said that he knew “it would be a bear pit” and that “punches would be thrown”, and that as CEO of GVC he was the one that should take the punches and difficult questions.
Source: GVC chief Alexander slams APPG report as “ridiculous”, iGamingBusiness
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