Share prices are crumpling after MP’s inside the UK look into the possibility of increasing regulations on FOBT’s.
Reports have surfaced this week that a cross-party group of UK MP’s will soon demand tighter regulations on FOBT’s inside their borders. It has been stated that they plan to call for a £2 maximum bet on all FOBT’s, and change the speed at which punters can make bets.
In the wake of this UK gambling news, both Ladbrokes and William Hill’s stock prices plummeted. Investors fear that the new regulations will curb the market, as many politicians have been critical of FOBT’s in recent years.
Carolyn Harris, chairwoman of the group calling for the stricter control, told the media recently “From the evidence presented to us . . . the group sees a strong case for the stake being set at £2. This call is supported by many members of parliament, from all political parties and in both houses. It is also supported by a significant majority of the public.” She continued, “At the very least, the stake should be reduced on FOBTs on a precautionary basis. The government has a duty to protect the most vulnerable in our society and to act in the public interest.”
GambleAware is also looking to increase regulations on FOBT’s
GambleAware, a UK charity aimed to prevent and treat gambling addictions, has been calling for stricter control of FOBT’s for years, but feels the government needs to do more than just lower the maximum stake allowed by punters.
GambleAware has filed a report listing the many dangers that FOBT’s possess. They are calling on the government to look more into other factors including access to additional funds, high frequency participation, automatic play, and in-running betting.
One of the main researchers of FOBT’s, Jonathan Parke, told media that “There is growing evidence that access to additional funds in a gambling venue is a significant risk factor for problem gambling; this may be because it facilitates the decision to continue spending more than planned.”
It seems like just a matter of time now before regulations on FOBT’s increase. This form of gambling is one of the most controversial in Europe, and could eventually be banned outright if politicians continue to push.
What do you think of this? Should FOBT’s be banned? Tell us what you think by leaving a comment below, and make sure to check out GamingZion’s list of online casinos in the UK to find an even better alternative to FOBT’s playing some of the best ebingo free games!