Gambling-Stock-News: MP says stock market gives better odds than super-casinos

29.12.2005, Lesen Sie hier den Bericht über «Gambling-Stock-News: MP says stock market gives better odds than super-casinos».

Gamblers would be better off investing in the stock market than risking the odds at a super-casino, according to a millionaire Birmingham MP. John Hemming (Lib Dem Yardley), who made a fortune buying and selling shares, said no one should visit a casino assuming that they would automatically get rich.

"You have house odds at a casino which means that the house takes about eight pence for every pound invested. With shares, as a rule, the value is likely to increase over time and you get a dividend. "People get more money out, including dividends, than they put in," he said. Mr Hemming admitted he was not convinced about the rush in many towns and cities to secure licences for casinos, although he supports Birmingham City Football Club's proposal for a new stadium which would be financed through revenue from a super-casino

Mr Hemming said: "My own personal view is that I support proposals to produce a new City of Birmingham Stadium. This could be done in a number of ways - one of which is funded by a casino. "I am, however, concerned about driving more GDP down the route of gambling as there are problems when people get addicted. People don't always have a good judgement as to probabilities - which is one reason why casinos make money.

"I certainly wouldn't want to see a casino on every street corner. But I am not hair shirt about it, I recognise the practicality of a casino helping to finance a new stadium and sports village. I am enthusiastic about the stadium." Mr Hemming said there was a groundswell of opinion among MPs that the UK ought to have more than one super-casino. However, a change to existing Government policy would require primary legislation in parliament.

"The vibes in the corridors of power about casinos are that if the legislation remains as it is and there is only one then it will be in Blackpool. That does not prevent Birmingham applying, but we should do so with our eyes open "It is quite likely that a number of other casino bids will emerge in Birmingham and that will put the city council, which has to apply to be the licensing authority, in a difficult position."

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