Property Market To Benefit From Gambling Proposals

LONDON-proposal’s set up to dramatically overhaul the gaming industry in theUK could have a big effect on the retail market according to a reportshortly to be published by agent King Sturge.

The findings of Sir Alan Budd, provost at Queen’s College, Oxford and hisGambling Review Body are now with the government which will announce itsdecision later this year. The report aims to boost the gaming industrycreating a single regulatory body covering the main forms of  gambling,legalising on-line gambling, and transferring responsibility for premiseslicences from magistrates to local authorities in the interests ofdemocratic accountability.

Casinos and bingo operators will be the greatest beneficiaries if therecommendations are adopted by the government. Some sources believe that ifall the proposals in the report were adopted it could double gross UK gamblingrevenues from the current £7.5 billion ($11 billion) per annum. Bingo clubs would benefit from beingallowed to offer multi-million pound rollover games, on line gambling andsome jackpot machines. Casinos would be allowed to offer a variety ofbetting options as well as abolishing the 24 hour cooling off period betweenjoining and playing, as well as permitting the sale of alcohol toparticipants.

King Sturge’s Mark Perown said: ‘The property effect would beto dramatically increase space requirements for both casino and bingooperators and move the site locations closer to the high street.’However the government still have to act on the recommendations. National lottery operator Camelotwill be lobbying for some of these reforms to be modified,and despite thegovernment ¹s enthusiasm for licensing reform, no changes have yet beenmade. Tax free betting will come in force on 6th October, three months aheadof schedule, as business is repatriated back to the UK from offshore locations like Gibraltar.