British gambling company Paddy Power Betfair has called for stricter global regulations. The company’s chief executive officer Peter Jackson spoke at the group’s AGM, talking to shareholders about changing the holding company’s name to Flutter. He stated that the company is working with its peers in the UK to propose a “package of measures” that could help meet reputation challenges for the industry.
Jackson also noted that the company is looking forward to proposing a new UK gambling regulator that will have the power to issue licenses and impose fines to betting companies. Paddy Power Betfair will have to struggle with a £20 million hit in revenue this year after Irish-based betting companies’ start paying double the taxes. It is already suffering from a £30 million loss in its revenue after the UK authorities’ reduced maximum stakes on fixed odds betting machines from £100 to £2.
Noting that gambling is a $450 billion global industry, Jackson said that regulatory changes are helpful. About 11% of the entire industry is online, and he believes that the number will go up to 50% with time. However, regulation is required in many markets across the globe for this to happen. He pointed out the PASPA strike-down in the US as a good regulatory step.
Talking about Paddy Power Betfair, he noted that the group is looking for more growth opportunities in both core and emerging markets. The company wants to grow its organic positions in different markets and also to remove its regulatory hurdles.
The company also faces a long list of small competitors in different markets it operates in. He noted that there are several regulated markets in Europe between Ireland and Georgia which the company doesn’t have prominent positions in.
Paddy Power’s UK-based rival William Hill revealed its annual revenues recently, noting a 2% boost. The revenue growth was boosted by its acquisition of Swedish online casino business Mr. Green and its sports betting business in the UK.