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UK betting firms can breathe a collective sigh of relief following Thursday’s election results in which PM David Cameron remains in power.
British bank stocks soared, led by Lloyds Banking Group Plc and Barclays Plc, as Cameron’s Conservative party unexpectedly secured a parliamentary majority, Bloomberg Business reported Friday.
Gambling companies including Ladbrokes Plc had been vulnerable to Labour’s plan to curtail in-shop betting terminals. The betting terminals have often been referred to as the “crack cocaine” of gambling but the wagering firms have profited significantly from their existence over the years.
William Hill, the United Kingdom’s largest bookmaker, and Ladbrokes each saw their shares up 5.34 per cent to 394.6p and 9 per cent to 115.2p, respectively, in Friday trading.
- Aaron Goldstein, Gambling911.com
