Ladbrokes responds to triennial review speculation
Source - SMW
Ladbrokes Coral has noted press speculation that the UK Secretary of State may favour a reduction in maximum stakes held on fixed-odd betting terminals to £2.
"The triennial review has been running for over 15 months and throughout that time there has been constant rumour and speculation about potential outcomes, of which this is yet more," chief executive Jim Mullen said.
"It should be noted that the current call for evidence is yet to conclude and industry responses have not yet been submitted to government."
Mullen said that stake cuts would fail to adequately address any issue of problem gambling.
"The industry has also always made it clear that a cut to stakes will have serious consequences - resulting in shop closures which will ultimately affect jobs, tax revenue and the funding of racing," he said.
"There is also no evidence that machine customers will switch their spend to sports betting such as horse racing, and our experience is that they won't. Any policy made on this assumption would result in a significant reduction in the level of funding for horse racing.:
At 1:07pm: (LON:LCL) Ladbrokes Coral Group Plc share price was -14.52p at 167.93p