{"id":58476,"date":"2017-09-13T12:00:23","date_gmt":"2017-09-13T19:00:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=58476"},"modified":"2017-09-13T16:34:21","modified_gmt":"2017-09-13T23:34:21","slug":"uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/","title":{"rendered":"UK Bookies Stand to Lose \u00a3150 Million Per Year in Likely Outcome of FOBT Review"},"content":{"rendered":"

UK bookmakers will take a \u00a3150 million annual hit as a result of the UK\u2019s regulatory review into fixed-odds betting terminals (FOBTs).<\/p>\n

\"Bookies
Fixed-odds betting terminals\u2019 maximum stakes will be cut by a regulatory review due in October, by order, apparently, of Prime Minister Theresa May, but the question is, by how much? (Image: Fixed Odds Betting Terminals APPG)<\/figcaption><\/figure>\n

That\u2019s based on the most likely outcome of the review, which is expected to slash maximum stakes on the machines from \u00a3100 per spin to either \u00a320 or \u00a330, according to government sources who spoke to the Financial Times this week.<\/p>\n

But it could be worse for the bookmaking industry. The Doomsday scenario is that stakes are slashed to $2 per spin, as has been demanded by the opposition Labour Party and activist groups like the Campaign for Fairer Gambling.<\/p>\n

Barclays predicts that this scenario would cost Ladbrokes Coral<\/a>, which as the UK\u2019s biggest retail bookmaker and therefore most exposed to any changes, \u00a3449 million in revenues in 2018. Ladbrokes\u2019 closest competitors, William Hill and Paddy Power, would be down \u00a3284 million and \u00a355 million respectively.<\/p>\n

Prime Minister May Orders Cuts<\/strong><\/h2>\n

FOBTs<\/a> are an enormous revenue stream for bookmakers, accounting for around 56 percent of all retail betting profits. But they have been dubbed \u201cthe crack cocaine of the high street\u201d by their opponents, who have accused them of having pernicious effect on society and of disproportionately attracting gambling addicts.<\/p>\n

But bookmakers have warned of closures of betting shops and thousands of job losses if the government opts to make a drastic cut to stakes.<\/strong><\/p><\/blockquote>\n

One thing is for certain: the stakes will be cut. According to FT sources, Prime Minister Theresa May has advised ministers that there must be changes and that doing nothing is not an option, despite the generous tax revenues the machines currently generate.<\/p>\n

Bookies Bracing for \u00a320<\/strong><\/h2>\n

There have been reports of a schism within government between Philip Hammond, the Chancellor of the Exchequer, and the Department of Culture, Media and Sport, which is conducting the review. Some media outlets reported in early August that Hammond was so concerned about the damage to tax coffers that he had attempted to block the review.<\/p>\n

The publication of the findings, which were initially expected in April, has been delayed until October, ostensibly because of the UK\u2019s snap General Election last June.<\/p>\n

Meanwhile, Simon French, an analyst at Cenkos Securities, told the Financial Times that a drop in maximum stakes to \u00a320 was already factored in to bookmakers\u2019 share prices and that anything above this mark would be \u201ctaken very well by the industry and investors.\u201d<\/p>\n

But an unnamed gambling exec said it was \u201ca massive concern\u201d that \u00a32 was still on the table because it would \u201cclose half the industry.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

UK bookmakers will take a \u00a3150 million annual hit as a result of the UK\u2019s regulatory review into fixed-odds betting terminals (FOBTs). That\u2019s based on the most likely outcome of the review, which is expected to slash maximum stakes on the machines from \u00a3100 per spin to either \u00a320 or \u00a330, according to government sources […]<\/p>\n","protected":false},"author":42,"featured_media":58478,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,13],"tags":[],"acf":[],"yoast_head":"\nUK Bookies Stand to Lose \u00a3150 Million Per Year from Most Likely Outcome of FOBT Review<\/title>\n<meta name=\"description\" content=\"Fixed odds betting terminals max stakes will be cut by UK parliamentary review but the question for bookmakers is by how much?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Bookies Stand to Lose \u00a3150 Million Per Year from Most Likely Outcome of FOBT Review\" \/>\n<meta property=\"og:description\" content=\"Fixed odds betting terminals max stakes will be cut by UK parliamentary review but the question for bookmakers is by how much?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-13T19:00:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-09-13T23:34:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/slots.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"858\" \/>\n\t<meta property=\"og:image:height\" content=\"536\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/\",\"url\":\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/\",\"name\":\"UK Bookies Stand to Lose \u00a3150 Million Per Year from Most Likely Outcome of FOBT Review\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/slots.jpg\",\"datePublished\":\"2017-09-13T19:00:23+00:00\",\"dateModified\":\"2017-09-13T23:34:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Fixed odds betting terminals max stakes will be cut by UK parliamentary review but the question for bookmakers is by how much?\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/uk-bookies-stand-lose-150-million-per-year-likely-outcome-fobt-review\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/slots.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/09\/slots.jpg\",\"width\":858,\"height\":536,\"caption\":\"Fixed-odds betting terminals\u2019 maximum stakes will be cut by a regulatory review due in October, by order, apparently, of Prime Minister Theresa May, but the question is, by how much? 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