Gamblers lost £700m less on fixed odds betting terminals for the year ending in March 20202, brought on by a reduction of the maximum bet allowed on the terminals from £100 to £2.
However, predictions of a massive loss of jobs in the gambling industry because of the cuts have not happened, according to an analysis by the Guardian newspaper.
Prior to the cut in the maximum wager, gambling lobbyists warned that a cut could force 4,500 shops to close jeopardizing 21,000 jobs. However, figures released by gambling regulators, only 639 betting shops closed.
That 7.7% decline was also aided by more gamblers moving to online play, which already had the amount of betting shops declining by about three percent a year prior to the cuts, the paper noted. However, the UK Betting & Gaming Council said it believes the actual number of shop closings was about 1,400, with more than 8,000 jobs lost. The trade group said a lag in data caused the discrepancy.
Figures from the UK Gambling Commission show that the amount of money lost at FOBTs fell from £1.16bn to £12m for the year. Overall, gamblers’ spending on machine-based betting in bookmakers fell by £700m to just under £2.1bn. Coupled with the effects of 11 days of coronavirus lockdown to the end of March, the 26% fall in machine income sent bookmakers’ revenues down from £3.26bn to £2.4bn during the year, the Guardian reported.
