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Shares in UK gambling companies have plunged in value by hundreds of millions of pounds after the industry regulator said it would consider slashing the maximum allowable stake on online casino games to £2.
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Shares in UK gambling companies have plunged in value by hundreds of millions of pounds after the industry regulator said it would consider slashing the maximum allowable stake on online casino games to £2.
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Shares in gambling companies have plunged in value by hundreds of millions of pounds after the industry regulator said it would consider slashing the maximum allowable stake on online casino games to £2. The Gambling Commission's chief executive, Neil McArthur, told a cross-parliamentary group of MPs investigating the harm caused by betting that it would consider their proposal to cut stakes over the next six months. Between them, UK gambling firms' stock market value fell by more than £500m. McArthur promised to review online stakes during an evidence session with the increasingly influential all-party parliamentary group on gambling harm. The curbs in effect amounted to a ban on the machines, which were criticised for enticing gambling addicts, because they are uneconomic for high street bookmakers at that level of stake. Thursday's share price fall was the second time the APPG's intervention has led to hundreds of millions being shaved off the stock market value of the UK gambling industry. The government has said it will review the 2005 Gambling Act, introduced under Tony Blair's Labour administration, amid growing concern about gambling addiction and transgressions by the industry.
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