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Shares in UK gambling companies have plunged in value by hundreds of millions of pounds after the industry regulator said it would consider slashing the maximum allowable stake on online casino games to £2.
Shares in UK gambling companies have plunged in value by hundreds of millions of pounds after the industry regulator said it would consider slashing the maximum allowable stake on online casino games to £2.
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Shares in gambling companies have plunged in value by hundreds of millions of pounds after the industry regulator said it would consider slashing the maximum allowable stake on online casino games to £2. The Gambling Commission's chief executive, Neil McArthur, told a cross-parliamentary group of MPs investigating the harm caused by betting that it would consider their proposal to cut stakes over the next six months. Between them, UK gambling firms' stock market value fell by more than £500m. McArthur promised to review online stakes during an evidence session with the increasingly influential all-party parliamentary group on gambling harm. The curbs in effect amounted to a ban on the machines, which were criticised for enticing gambling addicts, because they are uneconomic for high street bookmakers at that level of stake. Thursday's share price fall was the second time the APPG's intervention has led to hundreds of millions being shaved off the stock market value of the UK gambling industry. The government has said it will review the 2005 Gambling Act, introduced under Tony Blair's Labour administration, amid growing concern about gambling addiction and transgressions by the industry.
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Monopoly-themed online gambling ad faces regulator's ban - An advert for a Monopoly-themed online casino game is to be banned by the UK advertising regulator over concern that use of the board game’s familiar cartoon mascot – Rich Uncle Pennybags – might appeal to children.
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An advert for a Monopoly-themed online casino game is to be banned by the advertising regulator over concern that use of the board game's familiar cartoon mascot - Rich Uncle Pennybags - might appeal to children. The Advertising Standards Authority found that the ad, which appeared on the Mirror Online website, breached its code, which says that gambling ads must not be designed to appeal to young people. Entertaining Play, whose parent company, Gamesys, also manages gambling products using Richard Branson's Virgin brand, argued that the character of Mr Monopoly, or Rich Uncle Pennybags, was not likely to be attractive to children. The company added that the colours used in the ad were not "Garish or overly vibrant and did not draw inspiration from youth culture" and that it had taken steps to ensure it was only targeted at over-18s. Mirror Online told the ASA it did not believe the ad would appeal to children and included a label reading 18+. But the ASA said there was no way to ensure under-18s would not be exposed to the ad and that it did not comply with the code. The ad featured a prominent image of the Mr Monopoly character which had exaggerated features reminiscent of a children's cartoon, which meant the image would also be appealing to under-18s.". "Taking account of the ad as a whole, we considered that the use of the Monopoly logo and the depiction of the Mr Monopoly character meant that the ad was likely to appeal more to under-18s than to over-18s.".
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