Home » Industry News » UK chancellor wants to scrap FOBT review amidst claims of fake news

UK chancellor wants to scrap FOBT review amidst claims of fake news

8 Aug 2017

UK chancellor wants to scrap FOBT review amidst claims of fake news The Daily Mail published a government review on Saturday claiming that the proposed reduction on the maximum stake on fixed odd betting terminals has been dropped.

According to the report, the Chancellor of the Exchequer, Philip Hammond made a key intervention in the Department for Culture, Media and Sport’s review. He suggested that if it was to be passed, it would become ‘financially crippling’ to tax revenues.

Tracey Crouch, the sports minister who oversees the review, has denied the report, claiming the all familiar “fake news” allegations. He insisted that the review is still underway and will offer its conclusions sometime in October.

The annual turnover on FOBT in UK is up to £1.8bn, with Treasury tax incomes amounting for £400m from this product alone.

Following the fears of legislation changes, retail bookmakers such as Ladbrokes, Coral and William Hill share prices have plummeted. According to industry experts and analysts, these changes are believed to favor online bookmakers and prove to be detrimental to land based retailers.

The Chancellors’ economic conclusion has been rejected by some member of parliament.

Labour MP Carolyn Harris, chairman of the all-party parliamentary group on FOBTs said: “The Treasury should look at the unsustainable cost to the public purse of dealing with the problems of crime, addiction and social harm on Britain’s high streets because of the exorbitant stakes on FOBTs”.

Gambling policy remains the main agenda of the government, especially after the Brexit that caused significant contractions to the state coffers.

Join and grab exclusive bonuses, daily offers and free bets!

Lay hands on exclusive daily bonuses for members only. These promos are limited and are not advertised on the website.

26 Nov '21

1Xnews becomes title sponsor of FC Goa

1Xnews, the official portal of 1xBet, has announced an agreement with football club Goa of the Indian Super League. The deal is for the 2021/22 season...

23 Nov '21

Chelsea and Parimatch introduce ‘The Chosen Ones’

The Premier League’s football club Chelsea and its partner, the renowned bookmaker Parimatch, have launched their brand new campaign named ‘The Chosen...

16 Nov '21

Bookies remain the top sponsors in European football

According to recent research, gambling-related companies are the most common form of shirt sponsors in European football for another year. Over one fi...

12 Nov '21

LeoVegas announced an increase in its total revenue

Despite the new regulation in Germany and the Netherlands LeoVegas, the Nasdaq-listed group, announced a 12% increase of its total revenue in the Q3 t...

5 Nov '21

Sportradar is the new betting data collector of UEFA

After the new agreement that the Union of European Football Associations (UEFA) and Sportradar announced, the sports betting data provider will be an ...

2 Nov '21

Sweden will remove gambling deposit cap on 14 November

The government of Sweden announced that the harsh online gambling restrictions that include a SEK 5,000 (i.e. £424/€491/$600) monthly deposit cap will...

29 Oct '21

Entain announced a new F1 deal with McLaren

Entain has created an exclusive content for Formula 1 fans and will cooperate with McLaren. Via its Partypoker Sports brand, the sports betting group ...

26 Oct '21

Lithuanian gambling authorities warn illegal bookmakers

The Gaming Control Authority, a part of the Ministry of Finance of Lithuania, announced that it issued a warning to every sports betting company opera...

22 Oct '21

QRP announced partnership with Gamstop

The English football club, Queens Park Rangers (QPR) made a new agreement for a sponsorship with Gamstop. From now on QPR will dedicate matchday and p...

19 Oct '21

France’s online betting activity doubled according to ANJ

According to data from the regulatory authority of France L’Autorité Nationale des Jeux (ANJ) the online sports betting sector in the country made a r...

TOP BOOKMAKERS

On Bookmakers.bet you can find the best and most reliable online bookmakers. You are advised to sign up and place your bets on our trustworthy premium partners. Click on each bookie's logo to read a detailed review, view the Book Spy's comments and reviews from other players or click on the “All Bookmakers” option to view our complete list of betting companies.

PREMIUM BOOKMAKERS

Accept players from your country

Bookie Finder

Rating

Languages

Currency

Deposit Methods

Withdawal Methods

Payout

Live streaming

8/10
Bet99: I think that they have the best odds on NBA. I have had no issue till now....

Jackson (**.***)

2/10
TigerGaming: No welcome bonus and no offers. Also, in most cases, you can not even cash-out. ...

Aaron (**.***)

7/10
STSBet: My account was verified and good to go extremely fast. You will be able to find all kinds of sports markets. So far so good....

Matt (**.***)

All Player's Reviews

Payment Methods

On this section you may find which bookmakers will allow deposits through Credit Cards, Neteller, Skrill and Paysafecard. You can also view information for every deposit and withdrawal method.

Bookmakers with Paysafecard

Bookmakers with Neteller

Bookmakers with Skrill

View all the bookmaker deposit methods here

Did you know that..

Bookmakers rating

In order to correctly estimate a bookmakers rating, you have to include the value of the offered odds, the variety and speed of transactions as well as their customer support. The invaluable experience we have gained from cooperating with some of the most respected betting firms, has shown us that each customer deserves a strict but fair judgement on every bookmaker.

Odds comparison

The average payout for most major football leagues stands at 95%, but a curious player may often find profitable opportunities. Pinnacle offers quite a lot of them, with the average payout on some of the top leagues standing at a huge 98%, while 1xbet offers the highest spreads on every major league.

Mobile Betting

Mobile betting is spreading to such an extent that it will soon exceed the common way of wagering through a personal computer. It currently stands at a huge 30%, with the market's trend showing that it will overlap computers by 2018.

Bonus

Every bookmaker will offer bonuses and promotions, to new and existing members. They can range from a standard 100% sign up bonus to a cash back event from a major football event, such as a moneyback offer on the UEFA Champions League Final. You can find every single detail about any betting company's bonus and promotion on our website as well as compare bookmakers based on their betting bonus. Make sure to regularly check the bonus & promo sections to receive information concerning any new offers.

Trust

Although it might seem tempting to sign up to an unverified bookmaker that offers profitable odds, or even no commision, in most cases you will be caught in a scam and lose all your money. It is far prefferable to choose a well known and respected bookmaker, that has obtained a license under a strict regulatory body. This way, you can be easily assisted through a full customer support and rest assured that you can withdraw your money at any time.

UK chancellor wants to scrap FOBT review amidst claims of fake news

More articles