It was a real bloodbath. Share prices for betting stocks on the London Stock Exchange tanked after MPs took a tight stance on online casino laws.
Shares in GVC closed with a fall of 11%, William Hill fell just over 12%, while 888 Holdings traded down nearly 13%.
What happened? A clamp down on April 1 for British betting companies.
The all-party Parliamentary Group for Gambling Related Harm made it clear that it wants further controls, especially for high-speed, fixed odds betting terminal (FOBT) slot machines, called the “crack cocaine” of gambling by opponents.
It is a matter of the maximum stake. It now stands at £2 from £100. They are also advocating banning the use of credit cards to gamble online.
The group’s Vice Chair, Iain Duncan-Smith MP states that that there have been huge levels of growth online, mandating changes.
“The recommendations today are very simple, which is to get some regulation back into this industry and give the Gambling Commission more teeth to intervene.”