{"id":3234,"date":"2018-01-12T12:59:31","date_gmt":"2018-01-12T12:59:31","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=3234"},"modified":"2018-01-12T13:00:54","modified_gmt":"2018-01-12T13:00:54","slug":"cebr-report-says-new-fixed-odds-betting-terminals-limits-impact-may-not-hit-uk-bookmakers","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/cebr-report-says-new-fixed-odds-betting-terminals-limits-impact-may-not-hit-uk-bookmakers\/","title":{"rendered":"CEBR Says New FOBT Limits Impact May Not Hit UK Bookmakers"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/01\/fixed-odds-betting-terminals.jpg\" alt=\"\" width=\"300\" class=\"alignright size-full wp-image-3236\" \/>As British bookmakers brace for the impact of the government\u2019s new regulated maximum bids on <strong>fixed odds betting terminals (FOBTs)<\/strong>, a <a href=\"http:\/\/www.bacta.org.uk\/downloads\/Cebr_press_release_100118.pdf\">new report suggests that their losses won\u2019t be as high<\/a> as the government first predicted.<\/p>\n<p>The report was conducted and completed by the <strong>Centre for Economics and Business Research<\/strong> (CEBR) and was commissioned by the <strong>British Amusement Catering Trade Association<\/strong> (Bacta). <\/p>\n<p>Bacta is a non-profit organization known to represent the owners and makers of amusement machines in UK. We must highlight that many of the member arcades of Bacta do not offer <a href=\"https:\/\/en.wikipedia.org\/wiki\/Fixed_odds_betting_terminal\">FOBT<\/a> on their shops.<\/p>\n<p>According to the report, <strong>if maximum stakes on FOBTs were lowered to \u00a32<\/strong> as recommended by the British government, major <strong>bookmakers will most likely end up losing around \u00a3335 million<\/strong> in their annual gross gambling yield (GGY) to high street betting shops. This is a <strong>huge 47 percent decrease<\/strong> from the initial estimate by the government which <strong>predicted a \u00a3639 million loss<\/strong>. <\/p>\n<p><strong>5 News<\/strong><\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/ZaBzWHfw58Y?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<p>While the numbers seem far too good to be convincing, CEBR noted that there were a lot of factors considered before they came up with the data. CEBR took into account about \u00a3210 million that can be offset by the \u00a32 maximum stake since it would eliminate fiscal costs of problem gambling that emanate from FOBT abuse. <\/p>\n<p>If the new maximum stake helps lessen problem gamblers, it would also indirectly contribute to the lessening of the cost that is directed to help problem gamblers alleviate their impacts on welfare services, housing, work and criminality. They also noted that there could be an overall benefit to the economy, with as much as \u00a345 million net increase in gross value added (GVA).<\/p>\n<p>In a statement, <strong>Oliver Hogan<\/strong>, director and chief economist of CEBR, said <\/p>\n<blockquote><p>The policy would not be nearly as detrimental to the LBOs. There could even be a net boost to the economy and to employment if there is attrition from gambling and if the fall in demand for B2 leads to higher demand for more labour-intensive forms of gambling<\/p><\/blockquote>\n<p>The report was not well-received by all parties who have interests and stakes on the maximum bid action. The <strong>Association of British Bookmakers<\/strong> said that the report was flawed, and was funded by people who had no reliable access to data from the gaming industry and stood to gain from the implementation of the \u00a32 maximum stake.<\/p>\n<p>According to a spokesperson of the association, the Treasury believes that in a worst case scenario, an \u00a38.5 billion blow could be dealt to the UK\u2019s economy, once the new maximum stakes are implemented. The spokesperson also cited an independent accounting firm that predicted over 21,000 jobs could be lost and 4,500 <a href=\"https:\/\/www.legitgambling.com\/uk\/legal-uk-online-betting-sites\">UK betting<\/a> shops could close which would result in a \u00a31.1 billion decline in Treasury income.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As British bookmakers brace for the impact of the government\u2019s new regulated maximum bids on fixed odds betting terminals (FOBTs), a new report suggests that their losses won\u2019t be as high as the government first predicted. The report was conducted and completed by the Centre for Economics and Business Research (CEBR) and was commissioned by [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[],"class_list":["post-3234","post","type-post","status-publish","format-standard","hentry","category-legislation","category-uk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CEBR Says New FOBT Limits Impact May Not Hit UK Bookmakers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/cebr-report-says-new-fixed-odds-betting-terminals-limits-impact-may-not-hit-uk-bookmakers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CEBR Says New FOBT Limits Impact May Not Hit UK Bookmakers\" \/>\n<meta property=\"og:description\" content=\"As British bookmakers brace for the impact of the government\u2019s new regulated maximum bids on fixed odds betting terminals (FOBTs), a new report suggests that their losses won\u2019t be as high as the government first predicted. The report was conducted and completed by the Centre for Economics and Business Research (CEBR) and was commissioned by [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/cebr-report-says-new-fixed-odds-betting-terminals-limits-impact-may-not-hit-uk-bookmakers\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-12T12:59:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-01-12T13:00:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/01\/fixed-odds-betting-terminals.jpg\" \/>\n<meta name=\"author\" content=\"Natalie Whitehead\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Natalie Whitehead\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" 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