LONDON (ShareCast) - (Sharecast News) - Bookmakers could have to restrict the size of bets and put in place systems to stop punters betting more than they can afford, if the UK's Labour party has its way.
One of the main supporters of last year's crackdown on bookmakers' fixed-odds betting machines, Labour deputy leader Tom Watson on Friday called for a further clamp-down, saying current regulations on online casinos and bookmakers are not preventing "gross excesses, abuse and vulnerable problem-gamblers being let down".

"Whereas gambling in the offline world is highly regulated, the lack of controls on online gambling is leading to vulnerable consumers suffering huge losses," according to a pre-released version of his speech leaked to the Guardian.

"Online gambling companies have a responsibility to protect their customers from placing bets that they cannot afford."

Following the move to slash the maximum stakes on FOBTs from £100 to £2, which will begin in April, Watson suggested there should also be stricter limits for stakes placed online, with research claiming that smartphone gambling apps are more of a threat than FOBTs, which were dubbed the 'crack cocaine of gambling'.

Watson also called for online casinos to perform affordability checks, analysing whether customers have enough money to make high-stakes wagers.

Gambling companies have been looking to set up a new trade body to lobby politicians against tougher regulations in the industry.

Broker Peel Hunt said regulation was the "key wildcard" for the sector's listed operators, including Paddy Power Betfair, William Hill and Ladbrokes owner GVC.

Following reports on Watson's speech, analysts said there "appears to be no loss of negative regulatory momentum".

They added: "The industry appears to be trying to build a political response, a new representative organisation is looking for a Chair and CEO but it will take time to have a chance of influencing the agenda."

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