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

Spread betting bookmaker Spreadex has sealed a shirt sponsorship deal with Championship football club Fulham FC and will become its principal sponsor ...

Read more »

The Council of Ministers in Belgium has approved a draft law to cut the weekly loss limit applied on those who wager at locally licensed betting sites...

Read more »

The sports betting company, Parimatch, rebranded its corporate identity and was renamed Parimatch Tech, while establishing itself as a multi-market an...

Read more »

The renowned crypto sports betting platform, Stake.com, marks Watford’s return to the Premier League by signing a new multi-year sponsorship. The book...

Read more »

Formula 1 strikes a deal with PokerStars Sports, making the well-known bookmaker its official sports betting partner in Europe. The deal was arranged ...

Read more »

Τhe Verkhovna Rada, Ukraine’s unicameral parliament, saw 252 of its members voting in favor of the bill 2713-D, that intends to lower taxes for those ...

Read more »

President Uhuru Kenyatta boosted the Kenyan betting market by lowering the tax which applies to players’ winnings to 7.5%. Securing its presidential a...

Read more »

For the next three years the online bookmaker Vbet will be the new title sponsor of the Ukrainian Premier League (UPL). The renowned sportsbook will a...

Read more »

As of today, July 1, 2021, the long-awaited German law allowing online gambling all over the country finally comes into effect. Even before fully open...

Read more »

NetBet Enterprises has been awarded sports betting and online casino licenses in Greece by the Hellenic Gaming Commission (HGC) in order to continue i...

Read more »

LIST OF TOP BOOKMAKERS
22bet
  • 1.000+ live events daily
  • 95% payout on top leagues
  • Cashout
100% up to €122
1xBet
  • 1.000 live matches daily
  • Asian Handicap
  • 50+ sports
  • Code:BOOKSPY
100% up to €130
Stake.com
  • 95% overall live betting payout
  • 500,000 pre-match events/year
  • 100+ extra bets on top footy events
200% up to $1000
Rabona
  • 20.000+ live events per month
  • 95%+ on Top 5 leagues and NBA
  • Alternative handicaps on basketball
150% up to €150
888sport
  • 10.000 live events per month
  • 40+ sports
  • Bet Builder
  • Code:30FB
€30 Free Bets
Zodiacbet
  • 30+ sports
  • Asian Handicaps
  • Card and Corner bets
  • Code:ZB100S
100% up to €100
20Bet
  • More than 1,000 live events/day
  • 150+ markets in football
  • 40,000+ events/month
100% up to €100
Librabet
  • High odds on football
  • Huge variety of betting markets
  • Intriguing welcome bonus
100% up to €250
Royal Oak Sports
  • Few country restrictions
  • 30+ sports
  • Asian Handicaps
  • Code:WELCOMESPORTS
100% up to $100
Bet365
  • Ideal for football lovers
  • 150+ extra bets on top leagues
  • Multiple Asian handicap markets
€25 Bet Credits
Rolletto
  • 95%+ on tennis
  • Alternative spreads on basketball
  • Asian View
120% up to €240
Mystake
  • Few country restrictions
  • 1,000+ pre match events daily
  • 400+ football markets
100% up to $500
Unibet
  • 250.000+ pre-match events/year
  • 10.000+ live events monthly
  • 96%+ on Asian Handicaps
100% up to €50
Bwin
  • 50+ sports
  • Cards & Corners
  • Edit my bet
High Odds
FEZbet
  • Cashout
  • Next Minute bets
  • Fast Markets
150% up to €100
LATEST BOOKMAKER PROMOTIONS