Casino bosses gamble on bid to lift bet limit

CASINOS are calling on the Government to relax rules around high stakes gambling in a bid to attract more “high rollers” to Britain.

They want to be able to extend credit to mega-wealthy players, arguing that the Government would benefit two-fold from both their winnings and their losses.
The Gambling Act 2005 prohibits UK casinos from lending customers money, unlike casinos in the rest of world.

Simon Thomas, chief executive of London’s Hippodrome Casino, is among those campaigning for the law to be changed, along with high-end rivals Crown Aspinalls and Crockfords.

He said: “Worldwide, high-end customers get what we call a ‘marker’ – they are allowed to gamble on credit rather than having to transfer money from country to country and be subject to the vagaries of different exchange rates.

“All we’re asking for is a simple change in the law to allow customers in British casinos to do the same.”

Mr Thomas insists the law change would be a win-win for the Government.

“At the high-end we pay 50 per cent of any money lost to the Government in tax on our gross profits, and corporation tax on top of that.

“And research has shown that the more people win, the more they spend on nearby hotels, restaurants and shops, which is a considerable upside for the UK economy.”

Mr Thomas is also calling for a loosening of the restrictions around slot machines in casinos as the Government tightens the rules on Fixed Odds Betting Terminals (FOBTs).

Last October the Government said it would cut the maximum bet on FOBTs from £100 to between £2 and £50.

“In High Street betting shops you can currently play roulette on a slot machine, staking £100 per spin every 20 seconds.

“That is extraordinarily hard gambling.

“By comparison, we are limited to 20 slot machines at the Hippodrome, with the maximum stake set at £5 a spin.

“We are in the perverse situation of there not being adequate restriction at the bottom end of the gambling industry, where people cannot afford to lose money, and too much at the higher end where customers essentially gamble for sport. It doesn’t make any sense.”

The casino call is being backed by Tory MP Andrew Bridgen.

“High end casinos are a magnet for high rollers from around the world who have money to burn in Britain,” he said.

“If ministers play their cards right with this law change, then the Government really could be left holding all the aces.

“It would certainly be a big win for the British economy.”

Source: Express.co.uk