Recent legislation this year (2018) saw the maximum bet you can place on a betting terminal slashed to just £2. Great for some but not so much for others. But why has the government decided to take measures now, especially when they get a slice of the profit themselves?
If you are a gambler, then you’ll probably know what a fixed odd betting terminal is. If not, these are the machines found across the globe in betting shops, that allow you to place your bets. Up till now, the maximum bet has been £100 which means there have been some big winnings for those who can afford it and controversially.
However, after a year of heated discussion, with gambling declared a ‘social blight’ by the government, a new law was released in May limiting maximum bets to a total of £2. It’s all part of a plan to introduce social responsibility, of which many betting providers and companies have apparently not been adhering too. In 2017, the Times also released an article stating that gambling has risen by 50% over the last three years, and given the current economic climate, it’s not much of a surprise. With an average of £100 being lost every 20 seconds, this new law hopes to keep the fun of gambling but also help people with their finances too.
Yet this new law is not affecting online casinos, where bets can still be placed up to any value.Discover more about online gambling sites here. It’s anticipated this law may stop higher bets being placed within a store but won’t stem the tide of players online. With new technologies, better games and more lucrative awards available on these sorts of sites, the question everyone is asking is whether this law will really make a difference?
So, whilst this measure may help more vulnerable families in the long run, there are some other implications to be considered. Mostly, the loss of what could be up to 21,000 jobs across the board and the closure of many betting shops. These cuts could also impact on the treasury and its funds, with the The Institute of Economic Affairs (IEA) stating that the losses bought about through this measure would mean taxpayers would have to pay more to make up for what it brings in. Gambling duties bring in 25% revenue of the total generated by Fixed Odds Betting Terminals. And with one of these generating an average of £46,315 in 2014(a figure which has no doubt has risen exponentially with the rise in gambling), that’s a tidy sum the government are adding to their coffers.
It’s a controversial issue. So whilst this new law will hit betting shops hard, it does mean that gamblers can still enjoy the thrill and luck of gambling games, just perhaps not quite to the extent they once enjoyed.With the law being so recent, time will tell whether these government measures have helped or harmed a booming industry. Visit homepage for more.