Gambling firms to stop advertising during live sports broadcasts

Gambling firms to stop advertising during live sports broadcasts

The UK’s biggest gambling firms have agreed to stop advertising during live sports broadcasts.

Companies that are part of the Remote Gambling Association (RGA) are taking part in a voluntary ban following increasing political pressure.

Betting firms included are Paddy Power, Ladbrokes and Bet365.

Labour’s Shadow Secretary of State for Digital, Culture, Media and Sport, Tom Watson, said he was “delighted” by the decision.

“There was clear public support for these restrictions and I’m glad that the Remote Gambling Association has taken its responsibilities seriously and listened.”

During the World Cup, over 90 minutes of adverts for betting firms were shown, which MPs said were “normalising” betting money. 

“One of the only downsides to this brilliant World Cup has been the bombardment of gambling advertising on TV and social media that thousands of children will have been exposed to,” said Watson.

Following the news, shares in Paddy Power (OTCMKTS: PDYPY) are trading down 6.22% (1027GMT).

In other market-related news, the FTSE 100 is trading down to a two-year low on Thursday morning after markets were rocked by the arrest of Huawei’s Meng Wanzhou.