AM backs £2 stake on Fixed Odds Betting Terminals as over £50m lost on machines in Wales

AM backs £2 stake on Fixed Odds Betting Terminals as over £50m lost on machines in Wales

Mid and West AM Simon Thomas has pledged his support to see the maximum stake reduced to £2 on Fixed Odds Betting Terminal machines (FOBTs) at a drop-in event in the National Assembly for Wales; organised in conjunction with the Westminster All-Party Parliamentary Group on FOBTs.

Simon Thomas heard about the staggering amount lost on FOBTs all over the UK and in particular Wales as campaigners call on the Westminster government to reduce the stakes to £2.

The highly addictive machines which have been dubbed the ‘crack cocaine of gambling’ allow punters to stake £100 every 20 seconds on electronic versions of casino games such as roulette, but in a low supervision high street bookmaker environment.

New research shows that FOBT problem gamblers could be imposing a cost of £1.5 billion on themselves, their families and their wider social networks. The report published by the Centre for Economic and Business Research (Cebr), found that those on lower incomes or in deprived areas are the main beneficiaries of a reduction to a £2 stake.

The Westminster All-Party Parliamentary Group on FOBTs, led by Carolyn Harris MP, has called the Government to reduce the stakes on these machines to £2 since 2015. The Group also launched a FOBT Loss Tracker on its website, which shows how much has been lost on the machines since the DCMS review started in October 2016. Over £57 is lost every second. The tracker currently shows that over £2.5 billion, has been lost since 2016 of which over £1 billion would have been from at-risk and addicted gamblers.

Lending his support to the campaign for a stake reduction, a member of a new Assembly Cross Party Group on Problem Gambling Simon Thomas AM said:

“The devastating impact these Fixed Odds Betting Terminals are having on families, individuals and communities in Wales cannot be right.

“The amount lost in Wales alone is staggering. This is money that could put to more productive use in the Wales economy but instead goes straight into the pocket of bookmakers.

“The Westminster Government needs to take decisive action and cut the stakes on FOBTs to £2. At this level the harm to families and individuals is significantly reduced.”

The Government is seeking to reduce the stake on FOBTs from £100 to between £50 and £2. It launched a 12 week public consultation on the stake options, which closed on 23rd January and is due to make a decision imminently.