| We acknowledge the government’s plan which is part of a long, multi-year process, not a final outcome. Evidence shows price caps have repeatedly failed fans, in countries like Ireland and Australia fraud rates are nearly four times higher than in the UK as price caps push consumers towards unregulated sites. The solution is open distribution: connecting primary and resale platforms to verify tickets. This allows the sharing of critical information to identify illegal bot activity and eliminate fraud. Opening the market to greater competition also helps drive prices down, benefitting fans. Additional information: UK Finance, representing over 300 financial institutions, has warned the government that price caps will increase fraud risk. In a letter to the Fraud Minister, Lord Hanson, NatWest, Monzo and Wise cautioned that such caps could fuel a dangerous surge in online ticket scams. Revolut also reported an 80% spike in ticket fraud in Ireland after NFL Dublin tickets went on sale. This shows that where caps are in place they result in fraud as fans have no safe ticket buying options. We urge the government to consider the evidence presented by banks and for a formal risk assessment to be conducted before introducing reforms. Most sellers use viagogo to resell a few spare tickets – 73% sold fewer than five in 2023. This year, Beyoncé’s London tickets were listed for under £75, below primary prices. As of September 2025, nearly 30% of UK events had an average ticket price under £50 on viagogo, and 84% under £100. |