UK Horse Racing industry raises concern over FOBT stake reduction

25 Jan 2018

fobt reductionThe 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:

https://twitter.com/jeremycorbyn/status/955501870360952832

Many UK based betting operators have been financially hit by the stake reduction proposals with William Hill suffering an 11% loss on share price.

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