The newspapers in the United Kingdom have stated that the government has plans to lower the maximum bet on fixed-odds betting terminals (FOBTs) to only 2 pounds. The Sunday Times and the Financial Times stated that the government three-month consultation period comes to an end on Tuesday, thereafter, the government will make a proposal to lower the maximum FOBT bet to 2 pounds. At the moment, the maximum bet is 100 pounds.
The Department of Culture, Media and Sports (DCMS) are the gambling regulators in the United Kingdom. Its newly appointed secretary MP Matthew Hancock has an associate, according to unconfirmed reports, who has stated that Hancock has been persuaded by the tremendous reaction to the FOBT consultation that the maximum bet should be lowered.
The Actions by Hancock
Hancock’s associate apparently also claimed that Hancock did not have a positive outlook on the FOBT as he felt that horse betting revenue had suffered as a result of the FOBT. Hancock is a proud advocate of the horse racing business in the United Kingdom. Hancock is a skillful jockey.
A representative of the DCMS did not divulge Hancock’s plan. The representative mentioned that the government’s consultation is still ongoing and the decision about the maximum bet is pending until the government has gathered all the information it requires to make a decision.
The apparent associate of Hancock was reported by the Times, a newspaper that has in the past reported false stories about the gambling industry.
The casinos in the United Kingdom have proposed to the government to permit them to put more electronic gaming machines. The clientele of the United Kingdom casinos is predominantly made up of gamblers, who place big bets. As a result of the income being generated by the big gamblers, there is an increase in demand for gambling on tables.
The CEO of Hippodrom Casino, Simon Evans was quoted by the Express, “It’s not fair that high-street betting shops are allowed to have 4 FOBTs a piece with maximum spins of 100 pounds, while the Hippodrom is restricted to 20 slot machines with maximum stakes of only 5 pounds.”
Evans also stated that he appealed to the government to be less rigid on regulations that do not permit big gamblers to bet on credit. He said that this would be to the benefit of the government and casinos.