UK's New Culture Minister Announces Upcoming White Paper, Delays Possible However.
UK's Culture Secretary Lucy Frazer, formerly a parliamentarian, assures the impending arrival of the government's gambling white paper, potentially delaying it due to the ending legislative session this month.
At the Gambling with Lives forum this week, Frazer underscored the priority of the reforms, teaming up with Sunak, stating they're "eager to publish" the white paper, yet adding the term "soon" is flexible.
Frazer, however, didn't commit to a specific timeline for the release, instead preferring to diligently "give these issues due consideration" and do justice to the subject matter.
Her talk with industry insiders during the weeks prior to the forum seems to center on discussions with anti-gambling activists, according to the official transcript.
During her speech, Frazer asserted that gambling isn't only detrimental to the gamblers themselves but wreaks havoc on others' lives as well.
Frazer stepped into the Department of Culture, Media, and Sport (DCMS) leadership position in early February, a reshuffle of government roles by Prime Minister Rishi Sunak.
Long Delay Ahead?
The UK government is set for a break at the end of the month, returning only in May. The white paper could be published before then.
Upon publication, the white paper won't signal the end of the matter. There will be a period for feedback and input on the recommendations, and according to Frazer, gambling reform will be an ongoing endeavor in the future.
The DCMS has managed the white paper in the making for over two years. This period has been marked by government tumult affecting many programs.
Economic Turmoil Awaits
A shift in the UK market is imminent, with signs of potential worsening ahead. Flutter's recent financial status update could be an omen of this. Despite reporting a rise in earnings, Flutter reported a post-tax loss of £305 million (US$365.51 million) across all their operations.
Flutter highlighted its US performance, while downplaying its activities elsewhere. CEO Peter Jackson called operations outside the US uncertain, grappling with "regulatory changes and challenging benchmarks."
Rumors of Flutter considering a US-based stock exchange listing circulate, placing it second to its main listing on the London Stock Exchange (LSE). Jackson has also acknowledged that the US could become its primary exchange, as per the Financial Times.
Financial Upheaval
This hints at a new perspective on the value of a spot on the LSE. CRH, a global leader in building materials, is contemplating relinquishing its LSE presence, joining UK-based Ferguson, which exited last year. Ferguson moved its listing to a US-based exchange.
Shell, a titan oil company, pondered vacating the LSE for a US exchange. SoftBank contemplated listing its Arm computer chip company in the UK or the US but settled on the US as the ideal choice.
Given the economic turbulence and inflation, stripping the gambling industry would be ill-advised at a time when consumers' disposable income is precious.
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