The British Horse Racing Association (BCA) have voiced their concerns following the recent proposal to lower the maximum Fixed Odds Betting Terminal stakes from £100 to £2. Although FOBTs are highly controversial, having often been described as the "crack cocaine of gambling" from news outlets like the Guardian, the BCA remains certain that a stake reduction would greatly hamper the horse tracks' condition, given that they rely on FOBT taxes to covers their costs.
The stake reduction is not a new proposal in the British Isles, as it has been suggested many times during the last 3 years, from lawmakers and business experts alike. Labor leader Jeremy Corbyn even went on to tweet his displeasure on FOBTs a couple of days back:
Many UK based betting operators have been financially hit by the stake reduction proposals with William Hill suffering an 11% loss on share price.