According to a recent study published by Landman Economics, British punters have lost £11 billion on fixed odds betting terminals (FOBT) during the last 9 years.
The figures reach an impressive £50 billion in wagers since 2008, that in conjunction with the £11 billion deficit, amounts for £8.000 in losses to the average bettor.
Landman Economics have drawn the following conclusion from the use of FOBTs:
- Around 40% of all FOBT players are considered to be "problematic bettors", with average losses of £15.000
- Around 186.000 jobs may have been lost, as gambling operators do not recycle revenues at the same rate as other industries in the private sector
- The Government is estimated to have lost about £1.3 billion in tax revenue
These figures have alarmed British lawmakers, who are considering implementing radical changes on the FOBT stake limit, after the coming elections.
Read our guide on sports betting in the UK