Bookmakers make £47,000 profit from each ‘crack cocaine’ slot machine: Punters lost £1.6bn on games last year

Posted on March 5, 2014 by admin
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Betting terminals nicknamed the ‘crack cocaine of gambling’ are each making bookmakers more than £47,000 a year, according to a report.

Punters bet £8.6billion on the machines last year and lost £1.6billion – giving the bookies a profit margin of 19 per cent, it says.

When winning and losing bets are added up, a total of £46billion was wagered on the fixed odds betting terminals where customers can lose up to £300 a minute, according to the study published yesterday by the Campaign for Fairer Gambling.

The campaign group, which is demanding that the maximum stake be slashed to £2, also claims that bookmakers have targeted the machines at poorer areas, a claim hotly disputed by the gambling industry.

Read the full article in The Daily Mail online.