November 14, 2018 / 2:10 PM / a month ago

UK gambling shares rise as PM says will set out betting machine changes

LONDON (Reuters) - Shares in UK gambling firms hit their intraday highs and extended gains on Wednesday after Prime Minister Theresa May said the government would set out further details later in the day on changes to rules on fixed-odd betting terminals.

At 1317 GMT, Paddy Power Betfair shares were up more than 5 percent and on track for their best day since May. Before the comment by May in Parliament, shares were up 3.6 percent.

William Hill rose as high as 2.6 percent in a brief rally after the announcement. At 1327 GMT, they were up 1.7 percent.

Britain’s culture minister will set out further details later on Wednesday on the government’s planned cut to the maximum stake on the terminals, May said.

Reporting by Josephine Mason; Editing by Andrew Heavens

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