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 newsThe 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.

Yes, I have read the Terms & Conditions and I consent to receiving emails from Bookmakers.bet regarding betting promotions, betting guides and news.

BOOK SPY

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...

Read more »

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

Read more »

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

Read more »

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...

Read more »

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

Read more »

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...

Read more »

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

Read more »

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...

Read more »

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...

Read more »

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...

Read more »

LATEST BOOKMAKER PROMOTIONS