Latvia to Introduce New Measures Against Unauthorized Gambling Sites [...]
Fixed Odds Betting Machines Driving UK Bookmakers’ Profits
- July 7, 2015 By Nemanja L. -
The United Kingdom Gambling Commission has found that fixed odds betting terminals (FOBT) are earning bookmakers more money than all other forms of wagering combined.
The widely criticised betting machines found in gambling shops all over the UK are raking in staggering £1.6 billion per year, as opposed to £1.4 billion that bookies earn from football betting, horse racing, dog racing and numbers games such as lottery and bingo.
According to the Gambling Commission‘s latest report, FOBT’s account for 52 percent of the bookmakers’ earnings, but sports betting operators across the United Kingdom has reason to be worried by this trend.
Campaign Launched to Combat FOBT’s
Namely, UK newspaper Sunday People has started a campaign aimed against these fixed odds betting machines, with MP Sadiq Khan, in the running to be named Labour candidate for London Mayor, is the latest high-profile politician to support said campaign.
Mr. Khan believes that £100 maximum stake that is currently in effect should be significantly decreased as it is doing a lot of damage at the moment and is not exactly perfect for battling gambling addiction problems.
The Shadow Justice Secretary has called for the £2 maximum stake to be introduced, with this being one of Sunday People’s principal demands.
UK Home to More Than 34,000 FOBT’s
There are currently over 34,000 fixed odds betting terminals in the United Kingdom, with each of these positing profits of £890 per week on average, so it is hardly surprising that the campaign advocates are calling for the number of these machines at each betting shop is reduced from four to one.
Many believe that FOBT’s are having a highly negative impact on the communities in addition to people visiting these on regular basis, and it should not be long before the current legislation is changed to address this burning issue.
UK residents also take part in other forms of gambling such as online poker, online casinos and sports betting, but these verticals are highly regulated and the companies operating these games have been forced to take serious measures to prevent problem behaviour and allow players to set maximum deposit limits to ensure they do not spent more money than they can afford.