The Share Value of Casinos Falls After UKGC Announcement
The share value of UK gambling operations has taken a dip due to the announcement that the UK Gambling Commission (UKGC) made about reviewing the maximum stakes at casinos. The Commission stated that it would consider lowering the maximum stakes that are allowed at online gambling operations. The amount that the stake will be reduced to is £2. This amount is in line with the maximum bet allowed at land-based casinos.
The CEO of the UKGC, Neil McArthur, has revealed the review process to the UK parliament already. He stated that the process is estimated to take at least six months. The review process is part of the continual work that is geared towards curbing the gambling problems in the UK. While the news of the stakes review might have been good for UK citizens, it was not great for casino investors. Following the announcement, the investors of gambling operations in the UK started selling their shares. This resulted in the share value of notable gambling operations to dip.
Anti-Gambling Activists Welcome Review Process Amid Share Value Depreciation
A spokesperson of the UKGC told the media that the results of the review process would be published in a report later this year. Anti-gambling activists have welcomed the initiation of the maximum stakes review process. They have said that the maximum betting amount needs to be reduced at online gambling operations as it was at land-based casinos.
This will be the second time that the intervention of the committee in parliament has led to a decline in the share value of gambling operations in the UK. In November of 2019, the share value of the gambling sector declined, and £1.2 billion was stripped from the industry. Anti-gambling activists in the UK have been successful in asking the UKGC to impose stricter laws on internet casinos in the UK.
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