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Monday, 12 November, 2018

Government announcement on FOBTs expected on Tuesday

The government's long awaited review of FOBTs is imminent
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Bookmakers are expected to finally learn the recommendations of the government's review of FOBT stakes on Tuesday morning with an announcement due before the stock market opens.

A reduction in the maximum stake on the machines, which stands at £100, is widely anticipated, which could result in millions of pounds being cut from bookmakers' profits.

It was reported over the weekend the government would propose a small number of options for the stakes with £50, £20 and £2 the figures mentioned.

The major betting shop operators have claimed that should stakes be reduced to as little as £2 it would result in widespread betting shop closures, the loss of thousands of jobs and loss of millions of pounds of income for horseracing through levy and media rights.

Nevertheless shares in Ladbrokes Coral and William Hill, the companies most exposed to a cut in FOBT stakes, both rose on Monday, closing up 1p and 3.5p respectively at 125.3p and 252.2p.

The government is also expected to unveil plans to tackle gambling advertising and social responsibility measures in the announcement, which will be followed by a 12-week consultation.


Don't miss Bill Barber's Business Bulletin every Sunday on racingpost.com


 

It was reported over the weekend that the government would propose a small number of options for the stakes with £50, £20 and £2 the figures mentioned
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