Professional Gambler Neil Channing Critical About Changes to UK’s Gambling Review

The UK is going to update some of its gambling laws this year. The outcome has professional gambler Neil Channing concerned about the future of horse racing in the country.

The review took over a year to complete. But, in the weeks ahead, the gambling review’s results should be released. Industry insiders remain cautious over what may be presented. However, reports suggest that UK legislators could adopt stricter affordability controls as part of their measures to address a rise in problem gambling figures.

Should the new controls be introduced by the UK Gambling Commission (UKGC), Britain’s horseracing sector will be severely affected financially, according to Channing.

He discussed the potential negative consequences of the ongoing government 안전카지노사이트 gambling review on the horse racing sector while participating in an episode of Luck On Sunday on Racing TV.

UK Horse Racing Could Take a Step Backwards

On Sunday’s Racing TV channel, the professional gambler expressed concerns about the changes. He worries about the possible negative effects that the review could have on horse racing’s financial health. That includes the overall effect that the government’s gambling review will have on the sector’s near-term and long-term prospects.

Channing claims that the implementation of the affordability checks would wipe out over half of those who gamble CHECK HERE on horse races. This would result in a shrinkage of the horse racing industry to the point that there would be no more races available.

He also noted that it was possible that the results from the gambling review may not be added to the laws for more than two years. This is primarily because of the amount of time needed to introduce the changes.

Channing added that any legislative implementation process is lengthy. The proposals have to be put into a specific format before they can be submitted to Parliament for approval.

Gamblers Not a Fan of Betting Limits

Racing TV conducted a survey last year of approximately 2,000 subscribers to the channel. The results showed that 93% of the respondents believe they should be able to set their own betting limits.

A separate Racing TV survey conducted last year found similar results. It showed that 86% of respondents thought tighter affordability checks could lead customers to illegal betting sites. These aren’t licensed and don’t pay taxes to the government.

As a result, the UK will lose an important revenue source. It could also lose the ability to provide responsible gambling solutions and treatment.

A consultation by the UKGC suggested that customers could see a £100 (roughly US$135) limit in monthly online gambling losses. The only way to avoid the limit would be to show that they can afford to lose more.

South Korea Casino Operators Continue to See Mixed Results

The global casino market continues struggling as it tries to fight off COVID-19. This is especially true of South Korea’s market, although there was one development that improved in 2021.

TvTropes showed poker casinos in South Korea have seen their ups and downs as a result of the COVID-19 pandemic. As 2021 wrapped up and the final numbers were presented, the impact became clearer.

Paradise Co., which is behind Walkerhill in Seoul, Jeju Grand on Jeju island, and Paradise City in Incheon and Busan saw a 25.7% year-on-year drop in revenue. The final total for the foreigner-only casinos was  KRW249.76 billion (US$208.8 million). For the prior year, the figure was KRW335.97 billion (US$278.85 million).

Paradise Co Sees Revenue Dip as 2021 Progresses

A big loss was recorded late in the year. Paradise Co. saw its month-on-month revenue go from KRW21.35 billion (US$18.08 million) to KRW9.9 billion (US$8.38 million) between October and November. For the first 11 months of the year, the revenue total was 25% less than the same period in 2020.

The good news is that in December, casino 카지노 검증 사이트 sales added 203% from November’s final amount, according to the operator’s announcement. This came off a 15.7% improvement in table drop, which closed at KRW159.85 billion (US$133.3 million).

That was also a 5.2% increase over the figure for December 2020. Sales fell, however, in the December-to-December comparison, coming in 30.1% lower.

Table game sales in 2021 marked a year-on-year drop of 27.1%, falling to KRW226.89 billion (US$189.2 million). Gaming machines lost 8.1% as the sales closed at KRW22.87 billion (US$19.1 million).

Overall, table drop lost 26.6% last year compared to 2020, only reaching KRW1.71 trillion (US$1.43 billion).

Grand Korea Leisure Co (GKL), the other foreigner-only casino operator in South Korea, saw similar results in November. Its gaming revenue dropped 55.9% from the previous month, settling at KRW4.09 billion (US$3.5 million). The full-year results haven’t been released.

Jeju Dream Tower Finds its Rhythm

Jeju Dream Tower, which was added to South Korea’s gaming landscape in June of last year, also saw a better December. The month was the first time its operator, Lotte Tour Development Co Ltd, was able to report a positive EBITDA (earnings before interest, taxes, depreciation and amortization).

Located on the once-bustling Jeju Island, the property saw EBITDA of KRW1.48 billion (US$1.23 million) last month. This was made possible, in part, thanks to the KRW8.13 billion (US$6.75 million) in gaming revenue received.

All three of the property’s business segments, which are listed as casino, hotel, and retail, performed better. The total sales revenue was approximately KRW20 billion (US$16.61 million), with the all-suite hotel providing the biggest improvement. The Grand Hyatt property took in a new record of KRW11.5 billion (US$9.55 million), according to a company press release.

End

The figures for 2022 will likely be better, provided South Korea can keep COVID-19 under control. A second hotel tower opened at the end of November, bringing the total number of hotel rooms to 1,552.

GKL has begun the new year with a small step backwards. Its Gangnam COEX casino in Seoul shut down as of 10 AM local time on Wednesday, and won’t open until sometime on Friday. The decision was taken after eight employees were determined to be infected with COVID-19.