Home » Tightened Stand Against Online Gambling in UK Affects Betting Stocks
Business

Tightened Stand Against Online Gambling in UK Affects Betting Stocks

UK

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.”

Source: https://europeangaming.eu/portal/latest-news/2019/11/06/58077/betting-stocks-tank-in-uk-as-mps-tighten-stand-against-online-gambling/

Tags

About the author

Carol Kay

Carol Kay

Carol Kay is an American editor and writer living in California with a background in business and finance, health and fitness and popular culture. She is the author of numerous books and articles on a variety of subjects. She is dedicated to disseminating information of public import on the internet.

Add Comment

Click here to post a comment

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.