Betting industry hit as global markets react to coronavirus fears

Shares in betting companies have reflected a slump in global stock markets after a rise in coronavirus (Covid-19) cases sparked concerns about possible economic damage.

The three main indexes in the US have fallen by about three per cent, while the UK's FTSE 100 share index fell by 3.34 per cent.

The betting industry has not escaped the wider reaction of the stock market and shares fell in GVC holdings, owner of Ladbrokes and Coral, by 3.36 per cent on Monday.

Shares in Flutter Entertainment, which has Paddy Power and Betfair under its umbrella, also dipped by 1.61 per cent.

William Hill suffered a fall of 3.25 per cent, while the Stars Group, which owns Sky Bet, had a 2.02 per cent fall.

The World Health Organisation said on Monday the world should do more to prepare for a possible coronavirus pandemic.

As of Monday morning a total of 77,362 cases had been reported in China, where the outbreak began, including 2,618 deaths. Outside China, there are now 2,074 cases in 28 countries, and 23 deaths. There has been a sudden increase of cases in Italy, Iran and South Korea.

Although there has been no direct impact to horseracing in Britain or Ireland, the coronavirus outbreak has affected meetings in south-east Asia.

Crowds for Hong Kong’s showpiece Chinese New Year raceday at Sha Tin were heavily restricted last month and betting shops in the territory were closed this month with immediate effect in a move to help combat the spread of the deadly illness.

Racing has now been halted in South Korea, with Sunday's meetings at Seoul and Busan racecourses called off.

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