FOBTs’ cut holds the UK in suspense

The maximum stake on FOBTs is set to be slashed and the UK awaits to know how big the cut will be and how it’ll impact on bookies.

UK.- Bookmakers are bracing for impact as the Department for Culture, Media and Sport (DCMS) is preparing three options for the maximum stake limit to be set on FOBTs. The current limit is £100 every 20 seconds and could be dropped to £2 (as proposed by the Labour party), £50 (which is the most appealing to bookies) and one between £10 and £30.

Gambling Minister Tracey Crouch explained that the package of proposals was introduced “given the strong evidence and public concerns about the risks of high stakes gaming machines on the high street.”

Despite the imminent cut, both William Hill’s and Ladbrokes Coral’s share prices went up 2.7 and 1.3 percent respectively. According to experts, the top bookies in the UK had their stock rising due to the £50 option being well received by the market.

888 chairman Brian Mattingley lamented the lack of clarity in the amount of options and said: “I’m not surprised that the share prices have reacted positively because at least the draconian is not the only option.”

Despite Mr Mattingley’s comment on the “draconian” option, Labour Party lawmaker Tom Watson asserted: “Labour is committed to reducing the maximum stake for FOBTs to 2 pounds a spin and will ban gambling company advertising on football shirts.”