US News Maximum stake on ‘crack cocaine’ gambling machines will be slashed from £100 to £2 – but not until 2020

07:55  17 may  2018
07:55  17 may  2018 Source:   dailymail.co.uk

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The maximum stake on ‘ crack cocaine ’ gambling machines should be slashed from £ 100 to £ 2 , an aide to Philip Hammond has said. In a damning report published today, Tory MP Chris Philp backs a crackdown on Fixed Odds Betting Terminals.

Theresa May announced in January that stakes on the machines would be cut. A decision to back the most radical option will dismay the gambling G-Eazy convicted of assault and drug possession in Sweden as it's revealed rapper had two bags of cocaine and a rolled up $ 100 when he was arrested.

  Maximum stake on ‘crack cocaine’ gambling machines will be slashed from £100 to £2 – but not until 2020 © getty

The maximum stake on ‘crack cocaine’ gambling machines will be slashed from £100 to £2 – but not until 2020, ministers will announce today.

The dramatic cut of 98 per cent in the amount which can be wagered and lost is a huge victory for the Daily Mail’s campaign against fixed odds betting terminals (FOBTs).

However, in a late concession, it could be up to two years before the new limit comes into force, the Mail understands. 

The long-awaited decision follows months of Whitehall wrangling and a sustained lobbying campaign by bookmaking firms which make a fortune from FOBTs and claimed cutting the stake to £2 could lose the Treasury £1.1billion over three years.

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There are reports the maximum bet could be slashed from £ 100 to £ 2 . Theresa May has confirmed for the first time that the maximum stake for ‘ crack cocaine ’ gambling machines will be cut.

The maximum stake for so-called ' crack cocaine ' gambling machines is set to be slashed to £ 2 following publication of a report due within weeks, it emerged today. Sports Minister Tracey Crouch will press ahead with the dramatic reform later this month, it was reported.

Culture Secretary Matt Hancock has pushed for a £2 stake but ran into opposition from Chancellor Philip Hammond and Treasury officials.

UK Chancellor of the Exchequer Philip Hammond © Provided by Irish Independent UK Chancellor of the Exchequer Philip Hammond

But Prime Minister Theresa May brokered a compromise deal under which taxes on the gambling industry will rise to pay for lost tax revenue estimated at £400million a year.

Brian Chappell of Justice for Punters said: ‘This is fantastic news. Betting shops will now be a much safer environment for customers and staff.’

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

Since Labour’s 2005 Gambling Act the number of FOBTs – which offer casino-style games such as roulette – has increased from 20,000 to nearly 35,000.

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The Government is to cut the maxiumum stake on fixed-odds betting terminals – known as the crack cocaine of gambling – from £ 100 to between £50 and £ 2 . The high- stake , high-speed electronic casino games are dangerously addictive.

Updated: 24th April 2018, 9:41 am . THE maximum stake on “ crack cocaine ” betting machines is set to be slashed to £ 2 , it was reported today. The limit to the amount you can wager on a fixed-odd betting terminal (FOBT) currently stands at £ 100 a spin.

  Maximum stake on ‘crack cocaine’ gambling machines will be slashed from £100 to £2 – but not until 2020 © getty

Each generates an average of £50,000 a year for bookmakers.

But the machines are blamed for addiction, crime, debt, violence and family breakdown and their users are concentrated in some of the poorest communities. 

Ministers are understood to have concluded that a £2 stake is needed to protect vulnerable gamblers. 

Evidence compiled by culture minister Tracey Crouch found high rates of problem gambling by FOBT users.

a close up of a machine: Since Labour’s 2005 Gambling Act the number of FOBTs – which offer casino-style games such as roulette – has increased from 20,000 to nearly 35,000 (stock image) © Provided by Associated Newspapers Limited Since Labour’s 2005 Gambling Act the number of FOBTs – which offer casino-style games such as roulette – has increased from 20,000 to nearly 35,000 (stock image)  

When the Government launched policy proposals on FOBTs last year it was feared the stake could be kept as high as £30. But the shift to £2 was backed by council leaders, church groups, charities, gambling campaigners and MPs from across the political spectrum.

The decision will require a vote by MPs but should sail through Parliament.   

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