Ladbrokes Coral CEO Warns of Dire Impact If FOBT Restrictions Come Into Play
The debate over FOBTs or what many dub as the “crack cocaine” of gambling in the UK shows no sign of going away. Ladbrokes Coral CEO Jim Mullen said in an interview with the Evening Standard that should the UK government’s plans to impose heavy restrictions on FOBTs come into play, thousands of jobs will be lost and hundreds of betting shops will be closed.
Currently there is a maximum wager limit of £100 but opponents to FOBTs want this changed to £2 in order to avoid massive gambling addiction problems.
According to Mullen these proposed changes could wipeout 1,000 of the 1,800 betting shops in London which employ more than 9000 workers. In addition potential taxes amounting to £230 million could be lost from the closure of the London shops.
Mullen like most of his fellow industry colleagues are urging the government to have an objective look at the issue of FOBTS which according to him have not led to a serious increase in gambling addiction.
He went on to say any severe action taken against FOBTs would represent an “unjust call” that would have serious ramifications for all those involved in the industry, both employers and employees alike.