UK’s gambling industry is rapidly growing and the country’s gambling watchdog hurried to react to the changes. It is not a secret that the expanding industry requires tougher regulations and the UK Gambling Commission knuckled down to work to introduce a new set of gambling regulations. The creation of a framework that would regulate the provision of gambling services in a socially responsible way has turned into a major concern for the country’s gambling authority. The highly-controversial fixed-odds betting terminals (FOBTs) soared on the news once again after figures showed that a total of £1.82 billion was lost by gambling customers, while the country is prepping a massive clampdown on the gambling devices.
The gambling devices have become extremely popular among the Brits, as the machines are located in betting shops across the entire country. The easy access, high-limit action and the fast-paced nature of the game have become highly addictive. An increasing number of people are suffering from gambling-related issues. Being aware of this fact, the UK Gambling Commission decided to launch a probe into the highly controversial fixed-odds betting terminals and introduce adequate preventive measures. In fact, it is worth to mention that a clampdown on the condemned gaming terminals has been under consideration for quite some time.
It seems that the looming crackdown on FOBTs unleashed a wave of gambling activity. A report released by the UK Gambling Commission unveiled £1.82 billion was lost on the FOBTs over the past 12 months. According to the country’s gambling watchdog, this is the highest peak, which the amount of gambled away money has reached over the past 5 years.
What Lies Beneath the Surface
The average number of FOBTs across the country has also grown. Industry experts are convinced that there is a relation between the latest statistics and the upcoming scorching crackdown. FOBTs are among the largest retail revenue contributors to the country’s coffers. According to information from the UK Gambling Commission, gross gambling yield from the betting machines amounted to £455 million.
Industry analyzers are convinced that there is a relation between the drastic increase in losses and the looming crackdown, which includes a reduction in the maximum stake. According to them, bookmakers are trying to benefits from the current situation as much as possible. Earlier this year, the media agency The Times pointed out that the UK’s biggest FOBTs owner Ladbrokes Coral loosened its responsible gambling program.
The considerable growth in the online gambling sector and the record-high amounts of lost money have appeared on the UK Gambling Commission’s radar screen. Commenting the disturbing figures, the gambling regulator explained that it keeps its weather eye open to any violations of its rules and it is not shy to impose hefty sanctions on the wrongdoers.