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.

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 on FOBT wagering highlighting the implications the framework will have on UK market at large, including 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 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.

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

After a week off due to national team fixtures the English Premier League returns to action, and what a better way to do start matchday 9 than with th...

Read more »

Gambling can be traced in Germany all the way back to Roman times when soldiers were playing several forms of dice games. At some point after the intr...

Read more »

The UK Gambling Commission fined online betting operator Betway £408,915 for marketing on the kids’ section of the West Ham United Football Club...

Read more »

The 2021 report from the Malta Gaming Authority (MGA) has been released. The MGA generally took less regulatory actions, such as issuing fewer warning...

Read more »

The 2022 European Cricket Championships, held in Malaga, Spain, now have Stake.com as an official partner. The T10 competition, in which 21 national t...

Read more »

Just one week after an impressive 49-goal matchday 1, UEFA Champions League action is back. Among all the exciting events, the one that stands out the...

Read more »

LeoVegas Group, the renowned igaming operator, disclosed on Thursday that English Premier League giants Manchester City is the subject of a new partne...

Read more »

The moment football fans worldwide have been waiting for has finally come. The 2022-23 UEFA Champions League season is officially underway with 8 matc...

Read more »

After expanding into Colorado, their second active US state so far, Bet365‘s presence in the North American market has grown. Bettors in the Cen...

Read more »

The 2022 summer transfer window ends on the night of September 1st. As the deadline day is rapidly coming close, top European clubs are looking to sea...

Read more »

LATEST BOOKMAKER PROMOTIONS