Battle In Government Over FOBT Stake

According to some reports there could be a storm brewing within the government over the new limit stake to be imposed on Fixed Odds Betting Terminals (FOBTs).

It is claimed that UK Chancellor Philip Hammond is opposed to the drastic cut from £100 at present able to be staked per spin by gamblers down to £2 which new Culture Secretary Matt Hancock wants.

The argument is about stake taxes with the Chancellor, at present it is estimated that the government rakes in some £450 million a year from Machine Gaming Duty off FOBTs and should the stake drop to £2 that revenue could be drastically reduced believes Philip Hammond.

However Matt Hancock believes the social damage these machines make to society is worth the cut.

At present the government takes 25% from the £1.8 billion gambled on FOBTs each year and wit that amount reduced the Chancellor has to find those funds from elsewhere, possibly raising taxes.

The public consultation by the government ended this week and a decision on the amount gamblers will be able to bet per spin will be made in the coming weeks, however the Chancellor wants to see the reduction down to £20 and the Culture Secretary wants it at £2 until they come to some agreement or the Prime Minister Teresa May steps in a decision seems some way off.