BGC welcomes Poppy Gustafsson as UK’s new Investment Minister

Anchal Verma October 14, 2024

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BGC welcomes Poppy Gustafsson as UK’s new Investment Minister

The Betting and Gaming Council (BGC) offered its congratulations to Poppy Gustafsson on appointment as the UK’s new Minister for Investment. Gustafsson will focus on promoting the UK to investors and businesses globally to enhance economic growth. Her appointment comes ahead of the first International Investment Summit.

Gustafsson’s new role follows her departure from Darktrace, a cyber security company as Co-Founder in September. According to the UK Government, she will work across the Department for Business and Trade and the Treasury to attract investment and stimulate economic development. Her main task will be to engage with global businesses and investors, positioning the UK as a key investment destination.

BGC highlights industry contributions

Following the announcement, BGC CEO Grainne Hurst highlighted the contributions of the regulated betting and gaming sector to the UK economy. BGC members contribute $9.29bn annually, generate $5.49bn in taxes, and support 110,000 jobs across industries such as high streets, hospitality, tourism, and technology.

The BGC represents major businesses like Flutter, bet365, and Entain, emphasising their role in the UK’s financial landscape through both employment and tax revenue generation.

Focus on regulatory stability

The BGC reaffirmed its commitment to implementing changes outlined in the government’s White Paper on gambling reform. The organisation stated its support for balanced measures that protect vulnerable individuals while allowing responsible betting.
The BGC also stressed the importance of a stable regulatory and tax environment to encourage further investment, particularly in land-based casinos, where existing policies need to be implemented to unlock additional growth.

Recent developments at BGC

This week, the BGC announced Simon Clare as its appointee to the Horserace Betting Levy Board (HBLB), replacing Mike O’Kane. The council also unveiled its first International Best Practice Guide aimed at enhancing industry standards. Additionally, the BGC signed a memorandum of understanding with the American Gaming Association and the European Casino Association to address shared global gaming priorities.

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