It’s official, £2 ($2.7, 2.3 euros) per spin on FOBT in the UK

The British government has just made a historic moment in the development on the gambling industry in Britain. It has just slashed the maximum stake on controversial gambling machines to £2 ($2.7, 2.3 euros) per spin, as it vowed “to protect the most vulnerable in society” from harmful losses.

The biggest wager for popular fixed-odds betting terminals (FOBTs), which allow gamblers to bet every 20 seconds, will be cut sharply from the current level of £100, the department for digital, culture, media and sport said in a statement.

The move follows lengthy consultations over the machines, dubbed the “crack cocaine of gambling” by critics due to their potentially addictive nature.

Bookmakers have previously claimed moves to slash the maximum stake on FOBTs would lead to the loss of thousands of jobs in the industry.

The new rules for the popular electronic casino-style games, like roulette and bingo, follow a government review.

“When faced with the choice of halfway measures or doing everything we can to protect vulnerable people, we have chosen to take a stand,” said culture minister Matt Hancock in today’s statement.

“These machines are a social blight and prey on some of the most vulnerable in society, and we are determined to put a stop to it and build a fairer society for all.”

The government also announced measures to tighten online betting protections and television advertising and raise awareness about potential harm. In addition it will launch a probe into the public health impact of betting.

“Problem gambling can devastate individuals’ lives, families and communities,” added sports minister Tracey Crouch.

“It is right that we take decisive action now to ensure a responsible gambling industry that protects the most vulnerable in our society.”

The decision will come as a blow to betting companies, who have warned that shops could close as a result.

The country’s Gambling Commission had already called in March for the maximum stake to be cut to no more than £30.

Bookmaker William Hill warned the decision to limit the maximum stake on FOBTs could see around 900 of its shops become loss-making, adding a “proportion” risked closure.

“The government has handed us a tough challenge today and it will take some time for the full impact to be understood, for our business, the wider high street and key partners like horse racing,” said William Hill chief executive Philip Bowcock.

“We will continue to evolve our retail business in order to adapt to this change and we will support our colleagues as best we can.

“Despite the challenges presented by this decision, our teams will compete hard and offer great service to William Hill customers.”

Source: independent.co.uk, france24.com and AFP