Deadline to cut FOBTs stake has been pushed

Local media has reported that the government will delay the implementation of the FOBTs reduction to October 2019.

UK.- Despite the fact that UK authorities have already decided to cut the maximum stake on fixed odds betting terminals (FOBTs) from £100 to £2, the industry will suffer the change on October 2019, as the government has decided once again to push the implementation date.

As The Guardian newspaper reported on Thursday, the cut in the maximum stake will not take effect until October 2019, according to plans being elaborated for next week’s budget, which will result in a €1 billion windfall for bookmakers.

Campaigners and MPs in favour of the implementation have manifested their opposition for the new delay and have called for gambling companies to be given until April 2019 to prepare for the decision that was announced in May this year.

Chancellor Philip Hammond initially considered implementing the cut in April 2020 because the Treasury had concerns regarding the €500 million that it is set to lose every year from taxes. However, it is believed that he chose 2019 following public complaints from several politicians, and the shortfall would be replaced by an increase in taxes on online gambling companies, The Guardian reported.