Bookie blow: Fears that maximum stake on fixed-odds machines may be slashed to just £2

Bookmakers have warned thousands of jobs will be lost and the horseracing industry will suffer amid reports that the UK government will slash the maximum stake on fixedodds betting terminals. Shares in Ladbrokes Coral, William Hill and Paddy Power Betfair all slumped yesterday in response to speculation that Culture Secretary Matt Hancock is considering a reduction in the maximum bet on the machines from £100 to £2. Jim Mullen, chief executive of Ladbrokes Coral, said cutting stakes would not tackle problem gambling but would hit the industry. A public consultation on the issue ends today .