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[loganair] 05/11/2018 22:27

Philip Hammond Accused Of ‘Rigging’; Budget Vote To Avoid Defeat Over Fixed Odds Betting Terminals Delay:


Chancellor Philip Hammond been accused of trying to rig a vote on the Budget, in a desperate attempt to avoid a Tory rebellion over addictive gambling machines.

Former sports minister Tracey Crouch quit her post last week in protest over plans to delay a planned crackdown on fixed odds betting terminals (FOBTs) until next October.

Up to 35 Conservative backbenchers are prepared to defeat the Government over plans to postpone the cut in the maximum stake from £100 to £2, with former Cabinet Minister Iain Duncan Smith leading a cross-party campaign to get the reform in place by next April.

But a rare Parliamentary procedure – used just six times in the past century – is being deployed by the Treasury to severely restrict any attempt by MPs to table amendments to the Finance Bill that enacts the Budget.

Labour has discovered that the Government has failed to table what is known as an “amendment to the law resolution”, the usual way in which MPs can try to amend Budget-related announcements that are not covered by specific tax changes.

The procedure is normally used only in the aftermath of general elections or just before one. It was used in 1929, 1974, 1997, 2010 and twice after the 2017 election.

When the Treasury deployed the Parliamentary device last year, it claimed that it simply wanted to better match any amendments with the specific contents of the Finance Bill.

To make life even more difficult for any potential Tory rebels, the Finance Bill itself will not be published until Wednesday, after the Commons breaks up for a short recess. MPs will have to table any amendments ‘blind’ before the Second Reading of the bill next week.

Ministers are also trying to ensure the fixed odds betting terminals (FOBTs) changes are put to a take-it-or-leave-it vote next year in the form of an unamendable, “statutory instrument” to update regulations in the Gambling Act.

Used together, the Parliamentary tactics mean that it will be very difficult for MPs to do anything to fast-track the gambling machine reforms. Crouch warned in her resignation letter that two people a day take their own life due to gaming addiction.

As he gave evidence to MPs on Monday, Hammond came under heavy attack from Labour MP Wes Streeting, who said he was “running scared” of Parliament.

The Chancellor denied that there was any “obligation221;, moral or otherwise, on the Government to adopt “line-by-line” scrutiny of the Budget.

Culture Secretary Jeremy Wright admitted last week that part of the reason for the delay was to allow the Treasury to keep for six more months the tax income received from the FOBT betting terminals, until a new remote gaming tax was introduced.

[trentendboy] 05/11/2018 22:14

Merger surely good if MGM deal can be extended to new group So why fall?

[t 34] 05/11/2018 19:39

hxxps://nypost.com/2018/11/05/mgm-casino-exploring-caesars-merger-sources/

[loganair] 05/11/2018 19:02

US casino giant MGM has reportedly hired investment bank Morgan Stanley and law firm Weil, Gotshal & Manges to examine a possible merger with fellow heavyweight Caesars, reports the New York Post.

Citing a gaming source “close to the situation,” NYP said activist hedge funds, which together own about a 25 per cent of Caesars, are pushing for an MGM merger.

The combined value of the two companies is more than $50bn.

[loganair] 05/11/2018 18:54

Arkansas and Louisiana Voters will decide on Legal Sports Betting during the mid-term elections on Tuesday.

[coxsmn] 05/11/2018 18:37

Broker Forecast - Barclays Capital issues a broker note on GVC Holdings Plc02 November 2018, 09:20Source - SMWBarclays Capital today reaffirms its overweight investment rating on GVC Holdings Plc (LON:GVC) and cut its price target to 1180p (from 1185p). Broker Forecasts data provided by www.sharesmagazine.co.uk

[woodhawk] 05/11/2018 16:57

That's about a 50% retracement of the rise, which isn't that uncommon. Inverted head and shoulders anyone?

[fozzie] 05/11/2018 16:52

I thought the strong rise that we saw last week had seen us out of the woods here but it appears not. Best to just forget about them and let Kenny and bod look after it.

[woodhawk] 05/11/2018 16:37

Luckily, I've got three different lots of divis payable this week, so I know where that will be going if there's further falls.

[hawaly] 05/11/2018 16:36

893... even more crazy, hard to believe.

[hubshank] 05/11/2018 16:35

I picked some up at 9.21. Felt sure that was the bottom. Quite happy with that so long as tomorrow they do not fall further.

[woodhawk] 05/11/2018 16:19

Yes, Festy, also the high-teens and soon a few more. Sell 'em on the way up, buy 'em on the way down. Made a quickie on GSK in the meantime too!

That's my last lot for today 906p. Crazy.

[hawaly] 05/11/2018 16:15

You must be filling your boots here Woody - well done.

[nurdin] 05/11/2018 16:15

so what is causing the drop today...just the market or some news around?

[festario] 05/11/2018 16:10

So did you buy some in the high 920's Woodhawk?

[maddox] 05/11/2018 14:26

Hi KoP202,

Trump has a very chequered track record in Casinos (as in all the other areas of his business) - put Trump and Casino into Google and you'll soon see what I mean.

Regards Maddox

[woodhawk] 05/11/2018 12:18

What!!!!?!!!! Donald Trump, the self-proclaimed most truthful, honest and upright president there ever was?!!!! What are you suggesting, KoP202!

[kop202] 05/11/2018 12:15

Errr doesn't Trump own a few Casinos himselfSurely self interest does come into it.....or does it

[woodhawk] 05/11/2018 12:08

Down 2.5% on miniscule volume so far. Sold some for 966p the other day and now I can buy back for almost 40p lower!?!

Didn't really get much of a turnaround Friday midday, let's see what today brings?

[trentendboy] 03/11/2018 15:24

Indeed but we got this far with his objections.

He should realise that online and Vegas can be complements and not always substitutes

[shayadfn] 03/11/2018 14:36

I'd be careful - Sheldon Adelson ( In my opinion is the fly in the US soup), this man own Las Vegas Casinos and wants to make online gambling in the US illegal, he's given a lot of money to the Trump camp. It appears you can buy lawmakers in the US.

[coxsmn] 03/11/2018 10:32

https://www.playusa.com/mgm-sports-betting-earnings/

[trentendboy] 03/11/2018 09:48

Thanks Shay, not a demanding forward PE and excellent yield.With US really taking off and GVC well placed it is not hard to imagine £12 being tested next year

[shayadfn] 03/11/2018 07:51

From Edison research
Budget not as bad as feared
Update | Technology | 30 Oct 2018
The Budget has provided long-awaited clarity on a number of gaming-related issues. The implementation of the £2 FOBT stake reduction will begin in October 2019, at the same time as a 600bp increase in remote gaming duty (RGD), from 15% to 21%. This is 1% higher than market expectations, but lower than recent rumours of 25%. We now include a £30m annual EBITDA impact in our forecasts. Also adjusting for an earlier implementation of the FOBT stake limit, we have lowered our FY19e EBITDA by 7%. Our FY20e EBITDA declines by 4%. The stock has fallen c 22% since August and trades at 9.8x EV/EBITDA and 13.0x P/E for FY19e.

edisongroup.com