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Entain, Flutter shares slide as some MPs demand “bold” gambling reforms

Stock MarketsNov 24, 2021 11:04
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© Reuters.

By Samuel Indyk

Investing.com – UK gambling companies were trading lower on Wednesday morning after a report in the Telegraph suggested that gamblers could be limited to maximum £2 online bets with a £100 monthly spending limit to curb betting.

In a letter sent to the newspaper, 160 members of parliament and peers, including former Conservative party leader Iain Duncan Smith, called for “bold” reforms as they warned more than 55,000 children aged between 11 and 16 were now gambling addicts.

The government is set to release its white paper on gambling in the New Year. Ahead of the release, the letter called on the PM to be bold in delivering the gambling reforms needed to prevent harm across the country.

“It is time for the Government to live up to the Conservatives' 2019 manifesto commitment to a review of gambling laws, levelling up, social justice and a better future for us all,” the letter said.

Proposed reforms

Alongside the maximum bet amount and monthly spending limits, ministers are also looking at banning bookmakers’ “VIP” schemes. The current offerings from gambling companies to "VIP" customers include offering one-to-one services with bonuses and financial inducements.

They are also looking at further controls on gambling advertising, which could include a ban on sponsoring football shirts and on stadia advertising hoardings.

In the 2021/22 season, nine of the 20 clubs in the English Premier League have gambling companies as the main sponsor on the front of their shirts.

Likely push back

It won't be easy for any proposed new measures to pass. A recent report in the Guardian newspaper showed that, since August 2020, 28 members of parliament - 19 Conservative and nine Labour - had taken almost £225,000 in wages and freebies from the gambling industry.

One of the beneficiaries, according to the Guardian, was MP Caroline Dinenage, a minister within the Department for Digital, Culture, Media and Sport, which is overseeing the gambling review.

At 10:50GMT, shares in Entain (LON:ENT) were lower by 4.8%, Flutter Entertainment (LON:FLTRF) shares were lower by 3.3% and 888 Holdings (LON:888) shares were down 1.4%.

Entain, Flutter shares slide as some MPs demand “bold” gambling reforms
 

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Comments (4)
Alex Malmström
Alex Malmström Nov 24, 2021 13:06
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The real reason is most likely to tax every single bet, no matter how small the amount.
Andy Black
Andy Black Nov 24, 2021 12:23
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Where are our Human Rights ? if it happens its the end of life as we know it and Hundreds of animals will lose there lives. Betting will just go underground, Simple answer is face recognition
Robert Faulkner
Robert Faulkner Nov 24, 2021 11:51
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🤣 11 to 16 year olds!? How have they got IDs and bank accounts ffs! simple KYC check should sort that. If they are using i.e. thier parents accounts, dont target regular punters for this loophole. Im you're quick enough to send parents to jail when their kid skips school... how's about you target the account holder(s) specifically and penalise them, not the whole industry. MP are all a bunch of reprobates with too much power!
Paul Coulter
Paul Coulter Nov 24, 2021 11:51
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they mean like loot boxes in games and things like that, while not the same as putting a bet on the footy its basically gambling too. and some even put bets on via thier parents, who then place the bets for them. or sign up using parents details online etc etc. dont be fooled, kids are exposed to more gambling than youd think
Wal Mateus
Wal Mateus Nov 24, 2021 11:10
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Wow, thats bold
Rich Mwawedange
Rich Mwawedange Nov 24, 2021 11:10
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helelo boys
 
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