The former CEO of Paddy Power has said higher taxes are needed for online gambling, whose addictive qualities are “like cocaine”.
Stewart Kenny stressed that he is not anti-gambling and is a regular gambler himself.
He added that he “loves” it but that he is increasingly concerned about the impact of online gambling on society.
“What we’re talking about is the online casino – the online slot machines” he explained on Newstalk Breakfast.
“So, if somebody opens an account to have a bet on the next General Election, on Manchester United to win the League or whatever they want to bet on, within 24 hours they are offered free spins on the online casino and online slots.
“This is like sucking people from the least addictive product to the most addictive product.”
An online gambling website. Picture by: Alamy.com.
Mr Kenny added that his fears about online gambling are one reason why he resigned from the board of Paddy Power.
Since then, he has gone public with his concerns.
“I could either shut up or speak up,” he said.
“I decided to speak up on this issue… There should be much higher rates of tax for the online casino than people having a flutter on the horses.
“I have no interest in seeing taxes on horse racing or people wanting a flutter on the football having to pay more tax.
“But what I would like to see is to disincentivise the bookmakers from sucking people in like this.”
Addiction
Mr Kenny said many people underestimate just how addictive online gambling is.
“I should have seen and I should have done more [on the issue of] the dangers of online casinos,” he said.
“Online betting is much more addictive than the betting shop… The British Health Survey found that online slot machines were just as addictive as cocaine.
“Parents will not want their 18 year old experimenting with something like cocaine.”
In a statement to Newstalk, Paddy Power owners, Flutter Entertainment, said they have a “huge amount of respect for Stewart” and his role in the company over many decades.
However, they added that they disagree with him on his belief that the industry should be subjected to higher taxes.
“A tax rise will risk jobs, investment and trigger a jackpot for black market operators revelling in the harm he is worried about,” a spokesperson argued.
“The regulated industry is completely different to when Stewart was here, we are serious about safer gambling and believe we lead the industry in player protection. Stewart himself has gone on record to praise Flutter’s efforts in this area.
“We’re glad he wants to see the industry flourish.”
Anyone who thinks they might have a problem with gambling can call GamblingCare.ie on 1800 936 725 for support.
Main image: Online gambling. Picture by: Maddie Red Photography / Alamy.