The maximum stake on fixed-odds betting terminals (FOBTs) will be reduced to £2 ($2.70), from its current level of up to £100 every 20 seconds, under new regulation unveiled by the UK government. Culture Secretary Matt Hancock referred to FOBTs as "a very serious social blight", but bookmakers have claimed that the move could result in thousands of outlets being closed. BBC states that FOBTs generate £1.8bn in revenue each year, as well as £400m in taxes. To compensate for the loss to the public finances, the Remote Gaming Duty, levied on online casino-style games, will be increased.
The maximum stake on fixed-odds betting terminals (FOBTs) will be reduced to £2 ($2.70), from its current level of up to £100 every 20 seconds, under new regulation unveiled by the UK government. Culture Secretary Matt Hancock referred to FOBTs as "a very serious social blight", but bookmakers have claimed that the move could result in thousands of outlets being closed. The Gambling Commission states that FOBTs generate £1.8bn in revenue each year, as well as £400m in taxes. To compensate for the loss to the public finances, the Remote Gaming Duty, levied on online casino-style games, will be increased.