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© Reuters. British regulator could ban gambling firms’ VIP programs, shares fall(Reuters) – Shares of British gambling companies fell on Friday after an industry regulator proposed curbs on programs and incentives targeting habitual gamblers.
The British Gambling Commission said in a report that it could ban VIP accounts, which typically offer bigger rewards for frequent gamblers, and limit deposits, while encouraging the industry to adopt a code of conduct.
The regulator said betting companies rely on VIP customers for the bulk of their deposits, although they form a small percentage of their total customer base.
“We have been taking action to address poor practice around the treatment of VIP customers for some time,” a spokesperson for the commission said.
The report comes two months after a cross-party group of lawmakers called for a raft of measures to overhaul online casinos and protect vulnerable people.
The Guardian was the first to report on the potential curbs on Thursday.
Shares in GVC (L:), William Hill (L:) and gambling software maker Playtech (L:) fell between 2% and 4%.
The companies did not immediately respond to a Reuters request for comment.
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