Gambling Industry’s Estimates for Significant Job Losses After FOBTs’ Max Stake Reduction Turn Out Exaggerated

Gambling Industry’s Estimates for Significant Job Losses After FOBTs’ Max Stake Reduction Turn Out Exaggerated

Gambling companies’ lobbyists had previously warned that the reduction of the maximum betting stakes of the fixed-odds betting terminals (FOBTs) from £100 to £2 would lead to serious financial difficulties and the loss of about 21,000 jobs across the sector. According to reports, British punters lost £700 million less on the controversial betting machines in the year following the country’s Government imposed stricter measures on the FOBTs. The predictions for more than 20,000 job losses in the gambling industry in case local lawmakers proceeded with the stricter regulatory policy, however,…

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UKGC Finds Ownership Issues of Park Lane Casino Concerning Even with Company’s Licence Being Revoked

UKGC Finds Ownership Issues of Park Lane Casino Concerning Even with Company’s Licence Being Revoked

One of the iconic cardrooms in London, Park Lane Club, is currently facing closures after the company that owns and runs it – Silverbond Enterprises – was left without an operating licence. At the beginning of November, as part of an ongoing probe, the UK Gambling Commission (UKGC) ruled that the gambling operator’s leadership, and the Latvian entrepreneur Vasilijis Melniks in particular, was not worthy of holding an operating licence. At the time, Mr Melniks had been facing an investigation over some alleged ties to money laundering and embezzlement in…

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