Bets machine £2 stake delay ‘to cost punters £3.6bn’

MOVE Philip Hammond THE delayed move to slash the maximum stake on fixed odds betting terminals from £100 to £2 will cost gamblers £3.6billion, it is claimed.

Chancellor Philip Hammond was said to have “done a deal” with the industry last month ahead of putting off the cut until 2020.

Bookies claimed they needed the time to adjust their terminals but manufacturers privately say it would take eight weeks at most.

The Local Government Association is now demanding the £2 limit be introduced by spring next year. Gambling Commission statistics show £5million a day is lost on FOBTs, so a two-year delay could lead to punters losing £3.6billion.

A delay also risks worsening the financial and mental problems for vulnerable people, with knock-on costs of £200million for the NHS, housing and the justice system, the LGA said.

Cllr Simon Blackburn called the delay to the cut in stakes “hugely worrying and frankly unacceptable”. He added: “The Government needs to move quickly to implement these changes to prevent further harm in our society.”

Labour Deputy Leader Tom Watson said: “This cynical move serves nobody but the bookies. Any delay will simply heap more misery on those affected by gambling addiction, their families and their communities.

“The Government must deliver its promises. Failing to reduce the stakes will mean that problem gamblers and taxpayers continue to experience significant costs linked to FOBTs.”