UK Bookmakers Contact Culture Secretary over FOBTs Maximum Stake

It has been reported that Chancellor Phillip Hammond has given the greenlight to plans that would see the maximum stake on fixed-odds betting terminals cut from £100 every 20 seconds, to just £2.

This comes following advice from the UK Gambling Commission (UKGC) earlier this year, which was expected to suggest that the government drop the maximum stake to £2, but instead recommended a maximum of no more than £30.

The government appear to be going ahead with the £2 anyway, to the joy of many who have spoken out about the dangers the machines pose to vulnerable gamblers.

However, not everyone is happy with the news, and a group of betting operators have contacted Culture Secretary Matthew Hancock to make their displeasure clear.

Catastrophic

The letter, which is supported by the leadership of GVC Holdings (who now operate Ladbrokes Coral amongst others) William Hill, and more, represented by the Association of British Bookmakers (ABB) repeated their earlier warnings of job losses and shop closures if the maximum stake is dropped to £2.

The letter explains:

“As the chief executives of UK retail betting shops we would like to express our alarm, that according to media reports, the government has determined that the maximum stake on betting shop gaming machines should be reduced from £100 to the lowest possible level of £2…

For the avoidance of any doubt, we believe a £2 maximum stake is a disproportionate response and will be catastrophic for retail betting in the UK, with widespread consequences for people’s livelihoods and the wider economy”.

Problem gamblers

Many have pointed to statistics showing the terrifying number of vulnerable gamblers who have lost money on FOBTs, while bookmakers state KPMG research suggesting 20,000 plus jobs could be lost if the plans go through.