The UK Gambling Commission (UKGC) is considering a £2 stake limit for online casino games, sparking a drop in shares. After this, investors in bookmakers and digital casino operators begun a sell-off.
This new law will be considered over the next six months, according to UKGC Chief Executive Neil McArthur.
A drop in shares
After McArthur told an All-Party Parliamentary Group (APPG) about this, shares in multiple operators dropped. While William Hill dropped by 8%, GVC – owner of Labrokes Coral – went down by 7%.
Throughout the entire UK gambling industry, the stock market of firms fell by over £500 million.
Clamping down further
A spokesperson for the UKGC shared why the commission is thinking about introducing this measure. They also said that it would be an addition to others being brought in.
“We said last October that we would be looking at online stake limits as part of our ongoing work to reduce the risks of gambling-related harm.
“This work is in addition to us focusing on VIP practices, advertising technology and game design. We will publish our assessment and next steps for online stakes and further protections later this year.”
Meetings in London and Birmingham
Last week, McArthur and UKGC Chairman Bill Moyes spoke in the House of Lords. McArthur acknowledged the stricter measures being brought into UK gambling stating the below.
“This was deliberate at changing the behaviour of operators since we had seen too many instances of failures being repeated.”
Meanwhile, the UKGC held a two-day event in Birmingham – the country’s second-largest city. At this, both industry experts and tech professionals were welcomed.
The initiative, which was supported by the Betting & Gaming Council (BGC), was intended to ‘unpick’ challenges that the UK gambling industry is facing.
McArthur also mentioned that this event would help to create a better-rounded approach on player safety.
“We recognise that keeping a customer safe where operators currently only have a partial view of a customer’s behaviour is a challenge,” he said.
“That is why we are bringing together experts from outside and within the gambling industry to explore how technology could create a single customer view, as it has the potential to significantly improve customer protection.”