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FOBTS £2 STAKE LIMIT NOW IN PLACE

FOBTs £2 Stake Limit Now In Place

Viktor Vangelov | Published 2 Apr 2019, 1:29 p.m.

As you probably already now, UK authorities decided to cut the stake limit on fixed odds betting terminals (FOBTs) to £2 and the limit is now in place. Ever since it was announced that there’s a decision for new FOBTs limit to be introduced in April 2019, it was clear that this decision will not be overwhelmingly accepted by operators. 

One of the key reasons for the introduction of the limit was the fact that it was possible for people who have a gambling problem to lose a lot of money in a very short period of time. Plus, unlike online casinos where players have the option to exclude themselves for a certain amount of time, or forever. 

Generally speaking land-based gambling in the UK is in decline, as it was reported in our piece from December 11 last year – UK online gambling on the rise, UKGC figures show. At the beginning of this year, the Government announced that they intend to do more about problem gambling, including additional measures to tackle it.

UKGC Expects Operators To Implement The New Measures

The Gambling Commission wrote to FOBTs operators to remind them of what they need to do to enforce the new limit and how they have to protect players. With the new rules it is more than evident that there would be a much lower risk, when it comes to the possibility to lose a lot of money quickly.

The chief of the UK Gambling Commission, Neil McArthur, again said that they expect all companies to implement the changes. The focus has to be on customer safety, he added. The goal is to make the whole industry a lot safer. 

This is not the only change to be implemented this year. In May, operators will be required to do additional age checks on customers in order to protect children and vulnerable individuals, like those who have excluded themselves. 

Another option is to prohibit the use of credit cards for gambling purposes and introduce changes in the ways in which operators communicate with their customers. 

Online Gambling To Be Regulated In Argentina

More and more countries decide to regulate the online gambling market in order to ensure that their citizens won’t be making wagers illegally through offshore sites. Argentina is next in line to implement online gambling regulations. Buenos Aires became the first province to regulate online gambling and every province has the right to regulate online gambling within its territory.

Now that online gambling is legal in Buenos Aires it is a matter of time before other provinces do the same. Buenos Aires established a provincial body of Lottery and Casinos that is in charge of issuing licences to operators. The Lottery and Casinos Institute will be permitted to issue seven licences, and each operator is entitled only to one. 

Each licence holder must ensure not to employ marketing strategies that don’t target minors and to provide a self-exclusion programme. 

All licensed operators will be required to pay a 25% tax on revenue and they all need to meet 20 requirements before they are issued a licence.

In other news, it has been reported that the Danish online casino market grew in the last quarter of 2018, with a total revenue of almost $250 million.

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