William Hill (WMH), GVC Holdings (GVC), Flutter Entertainment (FLTR) – The gambling industry watchdog is preparing to ban bookmakers from taking credit card deposits for betting online, in the latest move to prevent the exploitation of vulnerable customers. The Gambling Commission is expected to announce the long-awaited ban on credit card wagers, with the rules due to be unveiled as soon as Tuesday. Well-placed sources said an announcement by the regulator was imminent. It comes two years after charity groups such as GambleAware and Citizens Advice urged the government to implement the policy to protect people from sliding into gambling addiction. Major betting websites including PokerStars, Betfair, 888 Holdings (888) and Bet365 all currently allow their customers to make deposits online using credit cards, which has led to warnings from campaigners that gamblers risk racking up huge debts. The regulator’s latest interventions come amid mounting expectations that the government will begin the process of drawing up a new Gambling Act to replace the one passed by Tony Blair’s government in 2005, which has been criticised for dramatically reducing regulation. The industry’s reputation has taken further blows in recent weeks after revelations about its reliance on so-called VIPs making heavy losses, and concerns about a commercial deal with the Football Association to live-stream FA Cup games. The £750m deal to provide seven bookmakers with exclusive rights to screen some fixtures sparked an outcry – leading the FA to agree that matches would be shown elsewhere, too. The Gambling Commission and the Department for Digital, Culture, Media and Sport both declined to comment.
Lloyds Banking Group (LLOY) has warned its 60,000 staff including the chief executive, António Horta-Osório, to expect their first bonus cut in four years after a number of problems at the bank, including a last-ditch surge in payment protection insurance (PPI) claims. The Guardian understands staff received a memo from the bank telling them to expect a smaller bonus pool shortly after the bank revealed a £1.8bn charge linked to a spike in PPI claims in October, which is expected to dent full-year profits. The charge reduced third-quarter profits by 97%. The remuneration committee, which determines the final size of the bonus pot, allocated £464.5m to be shared between staff and top executives last year. However, the figure for the 2020 payout is likely to shrink for the first time since 2016, owing to numerous factors.
