Boom in bookies may be about to end with threat of jackpot cap on slot machines described as 'crack cocaine of gambling'
By Sarah Bridge, Financial Mail On Sunday
Threat: Betting machine payouts could be capped
The Grand National may be Britain’s most popular flutter, but the boom in bookies may be about to end at the next hurdle with the threat of a jackpot cap on slot machines described as the ‘crack cocaine of gambling’.
The B2 fixed odds betting terminals (FOBTs) allow gamblers to stake high sums of cash for the chance of big prizes.
But a Government consultation due to close on Tuesday is threatening to cap prizes at £100 instead of the current £500.
Supporters of the cap say it will help to stem the tide of problem gambling.
But the bookies warn it will be disastrous for the industry and put 11,000 jobs at risk.
The Triennial Review of Gaming Machine Stake and Prize Limits is intended to encourage investment in the industry while protecting the public.
The initial proposals were to leave the jackpot on betting terminals at £500, while raising the limit for pub fruit machines from £70 to £100.
The industry fears that lobbying by anti-gambling groups could now see the maximum for FOBTs cut to £100.
Dirk Vennix of the Association of British Bookmakers said: ‘If stakes and prizes are cut, it would put 2,700 betting shops and 11,000 jobs at risk. We are worried that a knee-jerk reaction, not based on any evidence, would drive people online – where there are no limits on stakes or prizes – or to illegal bookmakers.’
Ladbrokes said: ‘To restrict betting shop content would turn the clock back on the industry over a decade and cause thousands of job losses.
‘And there is no evidence that it would have any impact on problem gambling levels whatsoever.’
Both pro and anti-gambling groups have been bombarding the Department for Culture, Media and Sport with their views.
In its earlier report, the Government said that while ‘B2 machines are important to the economic viability of many betting shops…it cannot ignore the persistent concerns from many stakeholders and local communities about these types of gaming machines and their potential impact on problem gambling’.
It added: ‘There is strong consensus that although there may be a lack of evidence of a causal link between gaming machines and problem gambling, it is a statement of fact that some players are harmed by gambling on machines.’
Read more: http://www.thisismoney.co.uk/money/news/article-2305054/Jackpot-threat-crack-cocaine-slot-machines-bookmakers.html#ixzz2PmuKEQW2
The Grand National may be Britain’s most popular flutter, but the boom in bookies may be about to end at the next hurdle with the threat of a jackpot cap on slot machines described as the ‘crack cocaine of gambling’.
The B2 fixed odds betting terminals (FOBTs) allow gamblers to stake high sums of cash for the chance of big prizes.
But a Government consultation due to close on Tuesday is threatening to cap prizes at £100 instead of the current £500.
Supporters of the cap say it will help to stem the tide of problem gambling.
But the bookies warn it will be disastrous for the industry and put 11,000 jobs at risk.
The Triennial Review of Gaming Machine Stake and Prize Limits is intended to encourage investment in the industry while protecting the public.
The initial proposals were to leave the jackpot on betting terminals at £500, while raising the limit for pub fruit machines from £70 to £100.
The industry fears that lobbying by anti-gambling groups could now see the maximum for FOBTs cut to £100.
Dirk Vennix of the Association of British Bookmakers said: ‘If stakes and prizes are cut, it would put 2,700 betting shops and 11,000 jobs at risk. We are worried that a knee-jerk reaction, not based on any evidence, would drive people online – where there are no limits on stakes or prizes – or to illegal bookmakers.’
Ladbrokes said: ‘To restrict betting shop content would turn the clock back on the industry over a decade and cause thousands of job losses.
‘And there is no evidence that it would have any impact on problem gambling levels whatsoever.’
Both pro and anti-gambling groups have been bombarding the Department for Culture, Media and Sport with their views.
In its earlier report, the Government said that while ‘B2 machines are important to the economic viability of many betting shops…it cannot ignore the persistent concerns from many stakeholders and local communities about these types of gaming machines and their potential impact on problem gambling’.
It added: ‘There is strong consensus that although there may be a lack of evidence of a causal link between gaming machines and problem gambling, it is a statement of fact that some players are harmed by gambling on machines.’
Read more: http://www.thisismoney.co.uk/money/news/article-2305054/Jackpot-threat-crack-cocaine-slot-machines-bookmakers.html#ixzz2PmuKEQW2
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