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Markets Stage a Mass Sell Off of Gambling Stocks

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MPs recommended stringent curbs on online casino games worth more than £2bn a year to the industry. This has led to shares in UK gambling firms losing nearly £1.2bn in value. It was recommended by MPs from the cross-party group on gambling-related harm who joined the successful campaign to cut stakes on fixed-odds betting terminals (FOBTs) to £2, that the same limit be applied to web-based slot machine games.

The MPs included the former Conservative party leader Iain Duncan Smith. All of them are understood to be hopeful that they can convince policymakers in No 10 to include tighter controls on gambling firms in the party’s general election manifesto. But the Labour has already backed much tougher regulation of the gambling industry. This indicates that its wings might get clipped regardless of the election result.

Also check out: best new UK casinos at Wisegambler UK

The online-only casino firm 888 was hardest hit. It lost nearly 14% of its value in a day. This slump has cut its market value by £91m. It can concluded that the recommendations will threaten online casinos take from slot-machine players if the proposals are adopted. According to the Gambling Commission, the industry regulator it accounts for more than a third of their income.

The figure would rise from £2bn to £2.9bn if the limits were to include other casino games such as roulette. This game was available at £100 a spin in high street bookmakers. But that was before the government agreed to rein in the machines.It happened after a campaign was started that united politicians and campaigners across the political spectrum. The MPs’ recommendation was responded by the markets. They staged a mass sell-off of gambling stocks on Monday.

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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Samuel Leeds Buys Shares In Property Tribes; Says He Wants To Make It Better

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People in UK property circles may be familiar with the very public dispute between former MTV presenter, property investor, and community manager of the company Property Tribes, Vanessa Warwick, & property investment trainer and owner of the company ‘Property Investors’, Samuel Leeds; as Leeds has accused Warwick of assisting with racism and discrimination against ethnic minority tenants. In recent news, Samuel Leeds was reported to have bought a 35% share of the company Property Tribes, making him officially now a person of significant control at Property Tribes.

Warwick established Property Tribes to accumulate wisdom from various property owners and landlords to create a place of guidance for people in the industry to do business better. According to the company,

“We wanted to create a free use, safe, and agenda-free place for landlords to get information from a “hive mind”, not a singularity, so that they could learn and grow their property business.”

However, in one of his recent videos, Samuel Leeds pointed out blatant support of racism in some of the advice coming from Warwick herself. As one of the landlords asks on the forum – if they would be implicated by the race discrimination laws in the UK for refusing tenancy to Bangladeshi families as the landlord is not fond of the smell of their staple food, curry; Vanessa Warwick herself is seen advising against mentioning the reason for said refusal, thus averting the legal repercussions altogether.

In the video, Leeds points out several more situations where Warwick has behaved in a racist manner. In fact, she has become a new advisor on the panel of the UK’s Property Redress Scheme and has been under criticism in their forum as well for supporting discrimination against ethnic minorities.

Warwick also expressed strong disapproval of Leeds as a property trainer citing the reason that his students came from the “vulnerable” demographic. Leeds called out the racist mindset in this reasoning, as in reality, his students predominantly come from ethnic minorities and don’t fall in the “vulnerable” category. He began drawing attention to the issue over his YouTube channel and his website, and ended up facing severe disparagement from Warwick and her followers. Leeds finally sued Warwick for defamation and she brought a counter lawsuit for six-figure damages.

In an attempt to put an end to the battle once and for all, Samuel Leeds reports to have bought a share, 35% to be exact, of the company, Property Tribes. Even though he is only a minority shareholder and will have limited control, Leeds believes he can make a difference in “cleaning up the company” and reduce racism in the forum.

He jokingly adds,

“Because they trolled me, I wanted to at least get paid… Like Michael Jackson did to Eminem.”

Leeds pledges that any money he makes off this transaction will be donated to charitable organisations that tackle racism and online bullying. In addition, Leeds will donate an extra £50,000 to organisations that fight hatred in the UK. With this move, he is determined to take a strong stand against all discriminations in the property sector or any other industry.

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