New sports facilities may be funded by abandoned betting accounts

A report is being compiled by the UK government about how much money has been left in abandoned betting accounts; the idea is to see if any money could be used to invest in public sports facilities and clubs.

The report is a result of a pledge in the Coalition Agreement to examine what the best use of abandoned betting accounts may be. There will be work done to decide what would classify a betting account as ‘dormant’ and also to clarify any legal ramifications which may arise from the use of the money.

The UK minister for Tourism and Heritage, John Penrose asked MP Don Foster to compile the report. Penrose said, “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.”

Don Foster went on to say, “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.”

The findings of the report will be presented by Foster along with proposals of possible new legislation by the end of this year; this will then be followed by a formal consultation process.

According to the Department for Culture, Media and Sport, the section of the UK government which is in charge of overseeing the UK gambling industry, customers will always be able to reclaim their money providing that they can prove that it is rightfully theirs.