Britain Moves to Ban Ticket Resale Scourge

Britain plans to combat ticket touting by banning the resale of event tickets at inflated prices. The move targets touts using technology to buy and resell tickets for profits. This decision followed a significant decline in the shares of StubHub, owner of Viagogo, and aims to regulate resale practices.

In an effort to address rampant ticket touting, the British government announced plans to prohibit the sale of event tickets at inflated prices. This decision is aimed at curbing the use of technology by scalpers to quickly purchase and resell tickets, exploiting fans of popular artists and sports teams.

Housing Minister Steve Reed emphasized the negative impact of ticket touting on fans who pay exorbitant prices to attend concerts and sporting events. He noted that the government is committed to ending this exploitative practice, and detailed plans will be released soon.

The crackdown has already affected the market, with shares in StubHub dropping 14% after news of the ban emerged. This policy move includes a potential price cap for resale tickets and an investigation by Britain's Competition and Markets Authority into the practices of platforms like Viagogo.

(With inputs from agencies.)