Fixed odds U-turn...maximum bet WILL be cut to £2 in April
for ministers to claim the gambling industry needed more time to prepare.
The stake reduction affects fixed-odds betting terminals, branded the “crack cocaine” of gambling. Users can lose up to £300 a minute playing the addictive machines.
The climbdown followed confirmation that a cross-party alliance including Tory, Labour and Democratic Unionist Party MPs would vote against Budget legislation next week unless the date was brought forward.
In a written statement yesterday, Culture and Sports Secretary Jeremy Wright admitted that “protecting vulnerable people is the prime concern”.
To cover the expected loss of tax revenue “and to protect vital public services”, a rise in tax paid by online gaming firms is also being brought forward six months to next April.
Mr Wright said he expected the gambling industry to seek to reduce any job cuts linked to the change.
Tracey Crouch quit as Sports Minister on November 1 in protest at the decision to wait until next October.
She said yesterday: “I was sorry that the Government took the initial decision to delay the implementation of the reduction of stakes but I am delighted they are now bringing it forward to April.”