In a statement issued on July 11th, Steve Brennan announced that as of late 2024, he will no longer serve as the chief executive officer of the Isle of Man’s Gambling Supervision Commission (GSC). During Mr Brennan’s time as CEO, the GSC has undergone a range of changes and has enforced its rules in order to make the gambling sector of the British Crown Dependency a safer and better-regulated industry.
Last month saw the GSC’s announcement that action is being taken to update the National Risk Assessment (NRA) for the Isle of Man. The NRA, set to be published sometime in early 2025, will concern money laundering, terrorist financing, and proliferation financing, all issues that demand close monitoring when it comes to casinos and betting, as gambling operators are often the target of individuals looking to utilise gambling for this type of criminal activity.
Furthermore, under Mr Brennan’s supervision, the GSC has been proactive in enforcing its role as a regulator by holding operators accountable when they violate the jurisdiction’s rules. Earlier this year, the supervisory entity suspended two operators’ licences over alleged money laundering-related violations.
Mr Brennan held the position of GSC CEO for 17 years, and the commission is currently in the process of looking for a person who will succeed him once he steps down officially.
Stephanie Peacock’s Appointment as Parliamentary Under Secretary of State
In the UK, Stephanie Peacock has been announced as parliamentary under secretary of state in the Department for Culture, Media and Sport. In a statement on social media platform X (formerly Twitter), she said it was an honour to be asked by Labour’s Prime Minister to serve a seat in the new government.
Ms Peacock used to hold the position of shadow minister in the department for Culture, Media, and Sport while the Conservative Party was in power, which has led to speculation that she could be appointed as the next gambling minister at some point in the near future. As stressed by publisher Racing Post, Ms Peacock has been notable for her support for the British horse racing industry, particularly when it comes to the topic of an affordability check measure that, if implemented, would make it mandatory for operators to assess their clients’ financial circumstances when they incur losses from gambling that exceed certain thresholds.
During a parliamentary debate held this February, she warned that estimates point to the horse racing industry suffering losses of nearly £15 million due to the checks. This would, in turn, force the British Horseracing Authority to resort to job cuts, prize money decreases, and generally harm the sport to a significant extent. She thus stressed the importance of ensuring that such checks are made frictionless and also highlighted that the majority of adults in the UK wager because it is something they enjoy. This statement was backed by the recently released second wave of results of the Gambling Survey for Great Britain. According to the data, 70% of gamblers consider gambling’s entertainment factor to be one of the main reasons they partake in this leisure activity.
- Author
Daniel Williams
