Business News

Shares in bookmakers Ladbrokes Coral and William Hill slumped in London Monday following speculation in the British press that the UK’s new culture secretary Matt Hancock is in favour of a £2 stake limit on fixed-odds betting terminals.

A public consultation on the government’s plans to cut the £100 maximum stake on fixed odds betting terminals (FOBTs) in the UK to between £2 and £50 ends on Tuesday.

Over the weekend The Sunday Times newspaper claimed that Minister Hancock would reduce the maximum stake to £2, having decided that the machines were a “social blight” that would take money away from racing.

This caused shares in leading British bookmakers Ladbrokes Coral and William Hill to decline by more than 12 per and 10 per cent respectively in London Monday morning, forcing both companies to issue a strong response to the speculation.

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