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Maximum stakes on fixed-odds gambling machines to be cut to £2

Maximum stakes on fixed-odds gambling machines to be cut to £2

Now gamblers can bet, and lose, £100 every 20 seconds meaning potentially thousands of pounds in a single session.

The ABB said: "This is a decision that will have far-reaching implications for betting shops on the high-street".

But, Peter Jackson, Chief Executive Officer for Paddy Power Betfair, reportedly welcomed the reduction and explained that the Dublin-headquartered firm has always been anxious about the impact FOBTs were having on the industry's reputation.

The move, which has been strongly criticised by the industry, is meant to reduce the risk of "gambling-related harm".

The decision goes further than the recommendations of a review carried out by the gambling regulator earlier this year, which recommended the maximum stake for FOBTs should be set at or below £30.

"The government wants to reduce the potential for large losses on FOBT (category B2) machines and the risk of harm to both the player and wider communities".

Culture Secretary Matt Hancock said the government was "taking a stand" by imposing the dramatic 98 per cent cut on the amount which can be wagered and lost on fixed odds betting terminals (FOBTs).

Figures published by stopthefobts.org show that there are 57 FOBTs in 16 betting shops in Wrexham; with over £8m inserted into the machines locally in 2016. "I think it shows real intent on the part of the government".

"There's a reason why Fixed Odds Betting Terminals are known as the "crack cocaine" of gambling - with stories of addicts losing up to £16,000 in a day".

Bookmakers rallied from initial falls on Thursday afternoon, having fallen back in morning trading after the betting industry's worst-case scenario unfolded when the United Kingdom government confirmed it will cut the maximum stake on fixed odds betting terminals (FOBT) to £2 from the current £100 in a bid to curb problem gambling.

However, the BBC reported that domestic gambling giant William Hill warned that the "unprecedented" move could see up to 900 of its shops become loss-making propositions and lead to its annual retail revenues dropping by as much as £100 million ($134.77 million).

Tracey Crouch, Minister for Sport and Civil Society, said they can "devastate individuals' lives, families and communities".

The ABB said a report which paved the way for the new £2 rules was "deeply flawed" and had been funded by commercial rivals of Britain's bookmakers.

There will also be an impact on online firms, with The Gambling Commission toughening up protections around age verification and limits on consumer spending.

A multimillion-pound advertising campaign promoting responsible gambling, supported by the industry and GambleAware, will be launched later this year, it added.

The Industry Group for Responsible Gambling (IGRG) has amended its code to ensure that a responsible gambling message will appear for the duration of all TV adverts.

A review of age limits for National Lottery games at the time of the next licence competition.

The moves are expected to mean losing more than £1bn in tax revenue and the Government says it will cover any "negative impact on the public finances" with an increase in Remote Gaming Duty.

It is unclear how long the change will take to come into effect, with Parliament needing to back legislation.

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