Coalition wants to use money abandoned in UK betting accounts to improve public sports facilities and clubs.
Monday 26th July 2010
In the UK, the government has launched an investigation into whether the estimated millions of pounds lying dormant in betting accounts could be used to improve public sports facilities and clubs.
The investigation stems from a pledge in the Coalition Agreement signed by the governing Conservative and Liberal Democrat parties into how best to use money in abandoned betting accounts.
Conservative politician John Penrose, Tourism And Heritage Minister at the Department For Culture, Olympics, Media And Sport, has formally asked Liberal Democrat counterpart Don Foster to compile a report into abandoned betting accounts and other unclaimed winnings. The study is to investigate how much money has been abandoned in betting accounts and uncover the value of unclaimed winning tickets.
“There is potential for some really good causes to benefit from this money but we have to look at all the options first,” said Penrose.
“That’s why I’ve asked Don Foster to lead this review and leave no stone unturned.
“Every day thousands of people bet on the outcome of sporting events. Therefore, it seems a natural fit that funds from abandoned betting accounts should be used to benefit grassroots sports projects.”
Foster is due to present his findings along with possible proposals of new legislation, to Penrose by the end of the year and revealed that he would be meeting with interested parties throughout the autumn in order to gather views and information.
“I’m delighted to be leading this project and look forward to completing it before the year is out,” said Foster.
“I’ll be meeting representatives from all parts of the industry to gain views and suggestions on how this can work. It would be great to see some local sporting facilities and initiatives getting some extra funding in these difficult financial times.”
