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Share Price Information for Playtech (PTEC)

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Share Price: 484.50
Bid: 483.50
Ask: 485.00
Change: 0.50 (0.10%)
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Open: 485.50
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UPDATE 2-Britain bans betting on credit cards to fight gambling addiction

Tue, 14th Jan 2020 08:53

* Ban follows government review launched last year

* 22% of online gamblers are 'problem gamblers' - commission

* Betting companies' shares fall
(Adds reaction, UK context)

By Kate Holton and Elizabeth Howcroft

LONDON, Jan 14 (Reuters) - Britain's 24 million gamblers
will no longer be able to use credit cards to place bets under
the latest move by the government to tackle problem gambling.

Less than a year after Britain slashed the maximum stake
that can be placed on popular fixed-odds betting terminals, it
said on Tuesday it would ban gamblers from using credit cards to
bet online or offline to rack up debt.

According to trade body UK Finance, around 800,000 Britons
use credit cards to gamble. The Gambling Commission believes a
quarter of those are problem gamblers - people who are addicted
to gambling to try and win back their losses.

Shares of betting companies including 888 Holdings,
Flutter Entertainment and William Hill dropped in
early trading, before recovering by late morning.

Culture Minister Helen Whately said there was clear evidence
of harm from consumers betting with money they don't have.

"We will not hesitate to take any further action necessary
to protect people from gambling harm," she said in a statement.

Britain has a thriving gambling industry. It employs more
than 100,000 people and made 14.4 billion pounds ($18.7 billion)
after paying out winnings in the 2018-2019 financial year.

But the government has sought to tighten rules in recent
years by capping the maximum stake on terminals, bringing in
tighter age and identity checks for online gambling and
expanding support for those who become addicted.

The new ban will come into effect on April 14 and apply to
all online and offline gambling products apart from
over-the-counter lottery tickets.

Davy Research analysts said the ban would likely lead to a
low single digit percentage drop in related revenues.

"The latest in a recent series of more onerous regulatory
changes, it also acts as a further reminder that the UK
opportunity is no longer what it once was," it said in a note to
clients. "However, it remains a very large, (still) growing and
highly cash generative market for online gaming operators."

Britons had a total of 72.1 billion pounds outstanding on
credit cards in November, according to Bank of England data,
down a little from a record 72.9 billion pounds struck in May.
($1 = 0.7689 pounds)
(Reporting by Kate Holton, Elizabeth Howcroft and Josephine
Mason; editing by Mark Potter)

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