Gambling Industry issues a warning regarding fixed odds stake cuts

Home » Gambling Industry issues a warning regarding fixed odds stake cuts

Starting from Monday,1st of April, according to a report published by the UKGC (the UK gambling commission), the maximum stake allowed on fixed-odds betting terminals (FOBT) is to be slashed from £100 to just £2. The FOBT machines have earned the reputation as the ‘crack cocaine of gambling' due to their addictive nature

As per reports, the latest rules are being implemented with the aim of drastically reducing the risk for players losing large quantities of money in what is a very short period of time.

Prior to the new rules being implemented, Gambling Commission chief executive Neil McArthur repeated to bookmakers, the regulator's expectations regarding the management of the new changes.

According to Neil McArthur,

“Operators plans to manage the implementation of the stake cut are being closely monitored by us also we will continue to watch very carefully to ensure that any changes and developments to these products are done with a focus on customer safety.”

Sources close to the matter have also said that the commission has held discussions for implementing a range of extra measures which it feels will make the whole industry safer.

According to reports, May also sees the commission discussing banning using credit cards to gamble online. The commission is also looking at improving the methods in which betting operators interact with a client who could be experiencing problems or harm due to gambling.

Also, additionally, the commission will bring in new age and identity checks aimed at protecting children and the gamblers who have previously blocked themselves from gambling, being able to circumvent self-exclusion.

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