UK Government sets the highest betting stake to £2
The UK Government has introduced new rules that will reduce the highest betting stakes on fixed-odds betting terminals (FOBTs) from £100 to £2 (98% reduction).
This move is a result of repeated calls from campaigners to protect vulnerable gamblers from the terminals that are considered as being highly addictive. The Department for Digital, Culture, Media and Sport opted for £2 after more than a year of furious argument between anti-FOBT groups and high street bookmakers, who derive more than 50% of their revenue from those machines.
The government wants to reduce the potential for large losses on FOBT machines and the risk of harm to both the player and wider communities. Following analysis of consultation responses and advice from the Gambling Commission, the government believes that a setting the highest betting stakes limit to £2 will best achieve this. From now, if you wish to get the highest betting stakes limits on the market, you should bet throught the best betting agent.
High street betting shops are opposed to this significant reductions in the maximum stakes, claiming that thousands of jobs would be lost. William Hill said that half of its retail revenues came from FOBTs and that 900 of its shops could make losses and face closure as a result of the rule change.
However, following the announcement, other UK bookmakers like Betfair, have accepted the move and said they were pleased that the uncertainty was finally over.
The impact of the announcement was no doubt softened by the news released earlier this week regarding US online sports betting, with big-name betting brands already making moves to offset any potential losses with significant gains in the States. However, if you open an account with the best Asian bookmakers, you will never suffer from any of these rules.