The UK government has confirmed that the maximum stakes on fixed odds betting stakes (FOBTs) are to be cut from £100 to £2, with this to be accompanied by an increase in taxes paid by iGaming operators.
The measure, which requires parliamentary approval, is being taken for the controversial Category B2 machines following a consultation involving the public and the gambling industry.
The Department of Culture, Media and Sport (DCMS) said that it wanted to reduce the potential for large losses on the Category B2 machines. Having reviewed the consultation and taken advice from the UK Gambling Commission (UKGC), the £2 stake was the best way to achieve this, the department said.
"When faced with the choice of halfway measures or doing everything we can to protect vulnerable people, we have chosen to take a stand," Minister for Culture, Media and Sport Matthew Hancock said. "These machines are a social blight and prey on some of the most vulnerable in society, and we are determined to put a stop to it and build a fairer society for all."