Bookmakers unite against FOBT £2 stake

The United Kingdom betting corporate trust has created an uneasy alliance in order to give their final fight against the government's plans of establishing a £2 wagering limit on Fixed odds betting terminals. The betting operators’ bosses penned a letter to the Secretary of State for Culture, Media & Sport (DCMS), Mr. Matt Hancock, trying to convince the latter to drop his plans of implementing the above-mentioned wagering limit.

Prominent figures at the helm of GVC Holdings, William Hill, Betfred, Scotbet and Jenningsbet – some of the most popular betting companies in the United Kingdom – went into detail about the disastrous consequences the betting industry will face if the FOBT stake limits are put into effect. According to the bookie alliance, the most possible route shows that a lot of people are going to lose their jobs as a result of a vast number of betting shops shutting down business. In fact, it is projected that more than 20 thousand employees will lose their jobs and at least half of the betting shops will close down ultimately resulting in increased government spending and lower taxes.

The letter to Mr. Hancock, stated: «For the avoidance of any doubt, we believe a £2 maximum stake is a disproportionate response and will be catastrophic for retail betting in the UK, with widespread consequences for people’s livelihoods and the wider economy. As the chief executives of UK retail betting shops, we would like to express our alarm, that according to media reports, the government has determined that the maximum stake on betting shop gaming machines should be reduced from £100 to the lowest possible level of £2”.