The gambling regulator UKGC has revealed that it could cap the amount that players can bet online within six months.
UK.- The UK Gambling Commission (UKGC) talked to the all-parliamentary group on gambling-related harm that it could cap the amount that players bet online, and that a decision could be announced within six months.
This comes after MPs urged gambling firms to set a £2 limit per bet for online slot machines, which would be similar to the figure that machines currently offer in high street shops in the UK.
A spokesperson from the Gambling Commission said: “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.”
Carolyn Harris, Labour MP who heads the parliamentary commission, said: “A review of stake limits online has been clearly recommended by the all-party parliamentary group and is long overdue. Online slot content games should be reduced to £2 a spin in line with the rules in betting shops. The Gambling Commission must stop being reactive and take action to protect the vulnerable from harm in line with their licensing objectives.”
Shares fell after the announcement
Shares from betting firms dropped after the UKGC revealed the potential decision on online slots bets. William Hill saw a 6.2% drop, GVC a 5.7% and 888 Holdings’ fell 1.5%. On the other hand, Rank Group’s increased almost 2%.