The UK Government is set to reduce the maximum stake on the highly controversial fixed-odds betting terminals to £2.
At present, FOBTs accept £100 maximum stakes every 20 seconds, it was announced last fall that the maximum bet would be cut to somewhere between £50 and £2. A reduction to £2 would cost the exchequer £450 million in annual tax contributions, it has been estimated.
It is understood that levies will increase on other gambling services to offset losses incurred by the FOBTs crackdown. It is yet to be announced how exactly other forms of gambling will be taxed. READ SO: UK VETO PUB GAMBLING
The decision was to be made public at an earlier stage, but the delay was incurred by Chancellor of the Exchequer, Philip Hammond (pictured), who was said to have previously been opposed to such a massive cut in the maximum stake.
