Flutter, the owner of Paddy Power and Sky Bet, has estimated that the gambling reforms proposed by the UK government in a white paper will cost it up to £100 million per year, with the overall cost for the online gambling industry set to be up to £812 million.

The Department for Culture, Media and Sport has estimated that the affordability checks introduced by the reforms will cost between £380 million and £710 million, whilst limits to online slot stakes could cost between £125 million and £185 million.

Flutter has already taken some similar measures, such as a £10 stake cap on online slot machines, which have led to a £150 million fall in annual revenue.

Flutter CEO Peter Jackson has said the firm will engage constructively with the government and Gambling Commission during the consultation process, and work to provide support for those at risk of gambling harm.

He also said that the regulator should do more to tackle the problem of unlicensed and unregulated gambling companies targeting at-risk gamblers.

The company has announced that former Kellogg’s CEO John Bryant will become its next chair.

Shareholders are set to vote on whether to pursue a dual listing of Flutter stock in London and New York; this move is likely to be approved and could be part of efforts to make the US the primary home of the shares.

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Impact of Reforms

The UK government’s proposed gambling reforms, including affordability checks and stake limits for online slots, could cost the online gambling industry up to £812 million.

Flutter, the owner of Paddy Power and Sky Bet, has estimated that the reforms will cost the company between £50 million and £100 million more per year, on top of the £150 million in lost annual revenue already caused by similar measures.

Flutter CEO Peter Jackson has said the firm will engage constructively with the government during the consultation process to provide support for those at risk of gambling harm.

These proposals are part of the government’s efforts to tackle gambling addiction and protect vulnerable individuals.

Critics argue that the reforms will have a significant impact on the gambling industry and potentially lead to job losses.

Flutter’s announcement of former Kellogg’s CEO John Bryant as its next chair suggests the company is seeking experienced leadership to navigate the challenges posed by the reforms.

Flutter’s shareholders are set to vote on whether to pursue a dual listing of the company’s stock in London and New York, a move that could strengthen Flutter’s position in the global gambling industry.

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