Tuesday 15 May 2018

Bookies hit the jackpot yesterday when £1.5bn was added to the value of British bookmaking firms as the US Supreme Court struck down a 1992 federal law that banned most states from authorising sports betting. The Times says the move could create a new industry taking an estimated $150bn of wagers a year. British companies including William Hill, Paddy Power Betfair and Ladbrokes Coral are expected to compete.

Centrica, the owner of British Gas, lost 110,000 energy supply accounts in the first four months of the year. The firm admitted that although there had been "high levels of competitive intensity", the rate at which it has been losing customers had been slowing. In April, British Gas announced a 5.5% increase in both gas and electricity bills. Last year, the company lost 1.3m energy accounts.

Mothercare is finalising a rescue deal with creditors after years of falling sales and profits. The BBC says the baby goods retailer's restructuring is expected to take the form of a company voluntary arrangement. Under this increasingly popular arrangement, a retailer shuts stores and renegotiates rents to prevent it from going into administration. An analyst said a "host of other firms are offering products at lower prices".