GVC bounces back from betting hit

Shares recover following FOBT crackdown

A cut in the maximum stake gamblers can spend on fixed-odds betting terminals has failed to dent confidence in the Island's sector.

The UK government announced a drastic crackdown on the machines - which have been blamed for fuelling gambling addiction - on Thursday.

Athol Street gaming giant GVC, which develops technology for the machines, warned the move would lead to job losses and significantly harm profits.

Though shares dropped by almost 5% upon the announcement, the group had recovered to an almost month-high on the London Stock Exchange by closing on Friday.

CEO Kenny Alexander said GVC was trying to 'ensure a positive future for the sector and the many millions of customers who enjoy [its] products responsibly.'