Punters lose billions in fixed‑odds betting frenzy

Posted on May 11, 2017 by admin
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Britons have lost £11 billion on fixed-odds betting terminals since 2008 in a gambling frenzy that has cost the economy almost 200,000 jobs, according to research.

The figures will heap pressure on Theresa May to outline Tory plans to clamp down on the machines. Labour has promised to cap stakes at £2 and a Conservative think tank has urged the prime minister to do the same.

A government review into the machines, known as FOBTs, was shelved once the election was called. The machines allow customers to bet up to £100 every 20 seconds on electronic casino games such as roulette. Campaigners say that the quick-fire play and high stakes encourage players to chase losses and the machines contribute to poverty, crime and family breakdown.

Read more in The Times