Jan 22, 2018

Betting shares tumble on report of cut to machine stakes

UK bookmakers have seen their shares fall sharply after a report suggesting the maximum stake on fixed-odds betting terminals could be slashed. Ministers are likely to cut the stake from £100 to £2 after a consultation closes, according to the Sunday Times. Shares in Ladbrokes Coral, the UK's biggest betting shop firm, were down 8% and William Hill fell 12% by midday. "The industry has also always made it clear that a cut to stakes will have serious consequences - resulting in shop closures which will ultimately affect jobs, tax revenue and the funding of racing," he said. Mr Mullen said: "There is no evidence that machine customers will switch their spend to sports betting such as horse racing, and our experience is that they won't."

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