Bookies hit by fears over blitz on 'crack' bets

Fears of a fresh clampdown on “crack cocaine” betting terminals sent shares in listed bookmakers spinning lower today.

Calls from an all-party parliamentary group for a much lower £2 limit on stakes, and cutting machines and the number of spins, spooked the City and hammered shares in William Hill and newly merged Ladbrokes Coral.

Both derive around half their retail revenues from betting terminals. Shares in Ladbrokes Coral fell 8.9p, or 7%, to 118.2p while Hills suffered worse damage, sliding 8%, or 24.9p, to 286.6p.

The chairman of the group, Carolyn Harris, said the Government “has a duty of care to protect the most vulnerable in society”.

A William Hill spokesman said: “This is a small group of anti-fixed-odds betting terminals MPs who formed their conclusions before they began any report process.

“The fact the group is funded by the commercial interests of the arcades and the Hippodrome Casino says it all. They are not a select committee and have little credibility in terms of independence.”