UK lawmakers Threaten Clampdown On FOBTs Once Again
Lawmakers in Britain have once again taken on the issue if what is dubbed the “crack cocaine” of gambling”. Fixed odds betting terminals have been the subject of many of our posts and the issue still remains at the center of political debate.
Once again lawmakers today called for a crackdown on FOBTs and want the maximum stakes that can be wagered lowered from £100 to £2. In addition the speed at which bets can be placed should be slowed down.
FOBTs have been around for around 15 years and make up a significant percentage of UK bookmakers revenues. These cash cows are extremely lucrative for the like of William Hill and Ladbrokes Coral yet enable gamblers to potentially lose hundreds of pounds in a matter of a minute.
Following the latest anti FOBT rhetoric by lawmaker’s, shares in William Hill and Ladbrokes Coral were down 7.2. percent and 6.8 percent respectively. Whether these recommendations will be enforced is yet to be seen as a final report will only be issued in January.
Chairman of the Group for opposition Labour Carolyn Harris said,” The government has a duty to protect the most vulnerable in our society and to act in the public interest. We strongly urge them to do so and do so with immediate effect.”
In response William Hill were quick to attack the group of lawmakers as not a Select Committee (an official committee of lawmakers) who have little credibility in terms of independence and who had formed their conclusions before even investigating the issue.