UK Government decide this week on FOBT stake reduction
The Department for Culture, Media and Sport is to announce this week what the new cap on Fixed Odds Betting Terminals (FOBTs).
Sports Minister Tracey Crouch is expected to announce that the cap will be but expectations are that it will be at least a 50% reduction on the current £100 per spin gamblers are able to play.
Rumours around Whitehall say that Prime Minister Teresa May wanted the reduction as some supporters were keen to keep the current level. But it is likely to be around the £20 mark as anything over that will be seen by those opposed to FOBTs as supporting gambling companies.
Many concerned that FOBTs huge gambling problems called for the reduction to £2 which is highly unlikely as even the reduction to £20 will have an effect on the treasury of £1 billion in tax revenues.
Following the announcement this week there will be a 12 week consultation period that will finally make the Department for Culture, Media and Sport final decision.
Many bookmakers said that a large reduction in bets staked will cause job losses and betting offices to close, only Paddy Power Betfair have come out and officially stated that the government need to heavily reduce the stakes bet on FOBTs.