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BUZZ-GVC, Paddy Power rally after UK govt amends gambling reform plans

LONDON, Nov 14 (Reuters) -

** Paddy Power Betfair (Other OTC: PDYPF - news) shares up 8 percent and on track for biggest one-day gain since May, extending earlier gains after government amends plans for gambling reform

** GVC up 7.8 pct, set for best day since Feb 2016

** Britain's culture minister Jeremy Wright said government will bring forward a planned cut to the maximum stake on fixed-odds betting terminals by six months to April 2019

** The government has said it aims to cut maximum stake on fixed odds betting terminals from 100 pounds ($130) to just two pounds to tackle problem gambling, but announced earlier the reduction would not take effect until next October

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** Government had been facing a defeat on its budget legislation in parliament next week after many lawmakers from governing Conservatives backed an amendment which would have forced them to bring forward the timing of the cut

** Gambling sector has warned reform will force closure of high-street stores

** Gambling and casino stocks JPJ Group also up 3.4 pct, 888 Holdings up 4.5 pct (Reporting by Josephine Mason)