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FOBT industry in upheaval due to the upcoming £2 cut

14 May 2018

FOBTThe £2 cut in FOBT stakes is expected to take a major toll on land-based operators in the UK. The imminent regulation has caused restlessness mostly due to the lack of information as to when the new framework will be implemented. The controversial nature of the issue seems to have raised a significant number of speculations as to what the government's stand will be on the subject. Recent disagreements between various ministers and the Department for Digital, Media, Culture & Sport (DCMS), the regulatory board responsible for gambling laws, have set the government back on its schedule towards their final judgement.

Gambling Laws to Harm Jobs

The severe consequences the betting industry in the UK is going to suffer were pointed out by UK Pensions Secretary Esther McVey. The Secretary did not neglect to emphasize how the cut is going to take a toll on various UK betting groups, including employees and stakeholders. A suggestion made by UK betting executives to help smooth the transition into the new framework was to implement a one-year transition period. William Hill's CEO Philip Bowcock advised government officials to take a less strict approach to FOBT wagering, highlighting the implications the framework will have on the UK market at large, including an unemployment increase.

William Hill’s new Group Chairman, Roger Devlin, regards the potential implementation of the new regulation by the government as completely ‘unnecessary and evidence lacking’. Devlin estimated that the new law is bound to cause a loss to the UK Treasury of approximately £1 billion in income, with a good 20,000 industry jobs being in threat. The government's final decision is expected to be announced within the month of May by DCMS leader Matt Hancock, reputable news sources say.

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