The gambling watchdog has called for a £30 upper limit for fixed odds betting terminals, in a bid to tackle problem gambling.
The machines have been called the “crack cocaine” of gambling by campaigners who say they let players lose money too quickly, leading to addiction and social problems.
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The Gambling Commission recommended the stake on gambling machines offering slots games, such as traditional fruit machines, should be limited to £2. It also suggested the betting industry works with it to make playing times and monetary limits “more effective”.
The Government has been looking to cut the maximum limit on FOBTs since 2016 but the recommended cap is higher than campaigners had sought, and £10 more than many industry experts had predicted. It offers some relief for investors in gambling companies and has pushed the share prices of British bookmakers up, reports The Daily Telegraph.
Labour deputy leader Tom Watson called the report “deeply disappointing” and accused the Commission of caving in to industry pressure. Now the Government must decide whether to implement the recommendations.
A Government impact assessment last year found cutting the maximum stake on in-shop FTBOs from £100 to £30 would cost the British economy £1.7bn in taxes over the next decade.
Gambling Commission chief executive Neil McArthur said: “In our judgement, a stake cut for fixed odds betting terminals alone doesn’t go far enough to protect vulnerable people. That is why we have recommended a stake cut plus a comprehensive package of other measures to protect consumers.
“We have proposed actions that will tackle both the risk of harm and provide solutions that are sustainable in the longer term.”
However, Grant Humphrey of EY said the decision “deals another blow to the future of the high street, which is already suffering with a recent spike of chain restaurants and retail closures”.
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