Shares of British betting companies have suffered after a group of British parliamentarians called for introducing a £2-per-bet limit on online casino games to tackle the growing menace of gambling addiction.
The recommendation by the Gambling Related Harm All Party Parliamentary Committee has triggered panic amongst gambling operators in the country.
A group of British parliamentarians is campaigning for extending the £2 stake limit to online casino games as well.
“There is no justification for having slot machine-style games online with staking levels above £2, in line with land-based venues,” the APPG said in an interim report published on Monday.
“It is possible to bet thousands of pounds in a matter of minutes from a mobile phone with no supervision.”
Carolyn Harris, Labour MP for Swansea East and APPG chair, said: “We intend to go after the online companies just like we did with the fixed-odds betting terminals . . . The consequences of this on people’s lives are absolutely unbelievable.”
Earlier in the year, the maximum stake limit on Fixed Odds Betting Terminals (FOBTs) was reduced from £100 to £2. Following the reduced maximum stake limits, betting shops in the UK started to feel the heat.
The UK retail business of betting group GVC fell 18 percent while its online revenues rose 12 percent. Now the MPs argue that as stake reduction helps in tackling gambling addiction, in principle, it should also be applied to the online casino and slot-style games.