Monumental changes to fixed odds betting terminals that will cut the maximum betting stake from £100 to £2 will have been implemented in the UK, threatening the bottom line of up to 8500 betting shops across the nation.
Betting shops across the UK feel the pinch as FOBT limits introduced
D-DAY for the United Kingdom’s independent bookmakers and betting shops has arrived.
Monumental changes to fixed odds betting terminals that will cut the maximum betting stake from £100 to £2 will have been implemented overnight, threatening the bottom line of up to 8500 betting shops across the nation.
The change, which is among the biggest to the UK’s gambling industry for 50 years, has been forecast to lead to the closure of more than 2500 betting shops and make a real dent into the £14.4 billion in profits the industry enjoys annually.
Independent betting shops are not the only ones feeling the pinch. Bookmaker giants like Ladbrokes and William Hill may have the bulk of their success and empires online, but have also forecast big losses at their retail outlets.
William Hill took the incredible step last week to request to the landlords of its retail outlets to cut rent by up to 50% to help keep its stores open.
Fixed odds betting terminals were introduced into the UK in 2001 and quickly became a money-maker for betting shops.
The United Kingdom Gambling Commission released a report in December of 2018 that showed there was an average of 3.9 FOBTs per licensed venue in the country.
The move comes on the back of fierce lobbying from anti-gambling associations amid the Government’s crackdown on problem gambling.
Latest UK betting news
[rm_recent_news tags=”UK, gambling legislation” title=”” ajax=”true”]
Disclaimer: It is your responsibility to abide by gambling and sports betting laws in your jurisdiction. The information provided on BettingPlanet.com is accurate to the best of our knowledge but should be used as a guide only.
