FOBTs will come down from £100 to £2

The stock market value of the UK’s biggest bookmakers Ladbrokes has slumped by more than £800m following reports that the government is ready to slash the maximum stake on lucrative but controversial fixed-odds betting terminals (FOBTs) to £2.


Bookies derived more than half of their revenues from FOBTs last year, pulling in a combined £1.8bn from machines that allow gamblers to stake £100 every 20 seconds on digital casino games such as roulette.

While a 12-week consultation that began last year does not close until Tuesday, Matt Hancock, who became secretary of state for digital, culture, media and sport (DCMS) in a recent cabinet reshuffle, is reported to favour a maximum £2 stake.

Campaigners against FOBTs claim that they are particularly addictive, clustered in deprived areas, and allow gamblers to rack up huge losses.

But in a statement to the stock market, Ladbrokes said a cut to £2 would “fail to adequately address any issue of problem gambling” and have “serious consequences” for the survival of high-street bookmakers and the horse-racing industry, which is part-funded by a levy on bookies’ profits.

The bookmaker is in the midst of a takeover by the online gaming specialist GVC, with the value of the deal determined by a sliding scale linked to the DCMS review.

If DCMS opts for a maximum stake of £50, GVC would pay £3.9bn in a cash-plus-shares deal, with the price falling to £3.1bn in the event of a £2 maximum stake.

A 10% fall in Ladbrokes’ share price on Monday morning took its stock market value down £359m to just above £3.1bn, indicating investors now expect a cut to £2. GVC’s stock also declined, falling 4%.

William Hill fell 13% before midday on Monday, cutting its stock market value by £364m.

Shares in PaddyPower Betfair, which has FOBTs in its high street shops but has a huge online presence and has offered support for a £2 stake, fell by less than 1%.

The DCMS consultation does not close until noon on Tuesday and a department spokesperson insisted no decision on stakes had yet been taken.

Great stuff.
It MIGHT help in bringing betting shops being closer to what they once were.

Less big bookies and more independents would be nice too.

Lets hope with the maximum bet per FOBT spin coming down that maximum bet allowed for skill based gambling goes up.

Will they try and get 24 hour opening to make up the shortfall?

ok.

but what restrictions will there be on online games of chance.

it's not just about FOBTs. It's about all games of chance, everywhere, which are little more than stealing from the mathematically challenged.

I just cant see ladbrokes coral etc going back to traditional gambling, ie taking £100 horse racing bets, when theyve been making millions if not close to billions from degenerate slot players. Its a mighty come down from that to maybe making 25% of that from sports betting. They will go offshore and set up as full time online casinos, with the sports side being a small part of the site.

wayne rooney lost half a million in 2 hrs in a casino ,no one batted an eyelid, casino,s are kept alive by footballers,city types  encouraged to punt with free drinks,food etc never heard the government trying to close casino,s down,ray winstone and co spend 7 days a week encouraging under 18,s watching sport on tv to gamble,goverenment not to bothered

maybe some oddly timed race meeting will revert to proper times as bookies
wont be open at silly times trying to suck folk into these fobt dens.

industry can get back to bookmaking and away from milking addicts

bookies were never open at 9.00am, even saturdays it was 10 and you had 15 mins to get price before
compilers got in to work...

interesting to see if they retain 9am opening, ...catch them on way to office ?

P.P. in Gerard Street, Soho, 07.30 a.m. - 22.00 p.m. That will change most definitely if it's 2 quid a spin.

I have no sympathy for anyone who is stupid enough to go into a 'bookies'  - they are the spawn of the devil.

Result - now they might start taking proper bets. Bring back the board marker but instead of an old fella, how about a bird like the ones who do the walk on in the darts.

the equation on here seems to be the bookmakers make up money lost on fobt,s by encouraging people through better prices,taking bigger bets etc,so the same amount of money which today is problem gambling money tomorrow becomes legitimate gambling money,because some people think they cleverer than people who use fobt,s, probably the same people who,ve said for a 100 years you never see a poor bookie

Terrible things these dreadful machines , some people lose control when gambling , some have lost their homes , business,  family and their sanity because of gambling and these awful machines are there tempting people every day