REMINDER: Our user survey closes on Friday, please submit your responses here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Racing Post Home Menu Next Race Accounts My Account Search News FOBT ANNOUNCEMENT Q&A What happens next? Your questions answered after government decision FOBT stakes are to be cut to £2 FOBT stakes are to be cut to £2 1 of 1 By Bill Barber 6:21PM, MAY 17 2018 What happens next and when will the changes be implemented? A £2 stake will not come in until 2019 at the earliest and possibly not until 2020. The changes will be made after going through parliament in the form of an "affirmative statutory instrument". However, before that can happen the changes have to be submitted to the EU technical standards and regulations directive due to the effect on machine manufacturers. That process will take three months. Once the changes have been accepted by parliament, bookmakers will also have to be given a period to implement them. The only impediment could be a legal challenge. What will the effect be on racing? Racing has warned the decision to cut FOBT stakes to £2 would result in the sport losing £40 million to £60 million in lost media rights and levy income. That would wipe out the expected increased income from the government's recent levy reforms, which is thought to amount to more than £40m for the last levy year. How will the shortfall be made up? The government has said it would review the levy which could be extended to bets on global racing and could partially offset any reduction. It has been estimated that could bring in a further £15m. What will the effect be on bookmakers? Bookmakers have warned 4,000 betting shops and 21,000 jobs could be lost through a £2 stake on FOBTs, although not all those closures would happen immediately. Analysts at Regulus Partners estimated around 3,700 shops would close over five years, with independents hit hardest, along with a 66 per cent fall in earnings for the betting shop sector. What will happen to online operators? In order to fill the hole left in public finances from lost tax income from FOBTs, the government said the change would be linked to an increase in Remote Gaming Duty, paid by online gaming operators, probably announced in the Budget in November. What else has the government announced? The government has unveiled a number of other moves which would affect gambling including stronger age verification rules and proposals to set limits on consumers’ spending until affordability checks have been conducted in online betting, more responsible gambling promotion, an investigation into the public health aspects of gambling and a review of the age limits on National Lottery games. What hasn't been included? Gambling advertising is the most complained-about aspect of the sector but the government has resisted bringing in tougher rules about when advertising can be shown. There was also no news on a statutory levy to fund the fight against problem gambling.
I knew the stake would be reduced to £2 it was all over the media that the culture secretary was going for the £2 option. I didn't know that it would be until next year at the earliest that they would implement it . So all evidence overwhelming states that anything over a £2 limit caused severe harm yet they allow it to go on for at least another year
And when it dropped 18% I bought back in and said this was overdone because of my reading/research surrounding WMH. Interested that bibby claims they knew the �2 limit would be introduced, how? I best guessed a higher figure but was waiting for better news from the USA and in a stroke of luck it came sooner rather than later. Glad to be holding WMH. Would I advise buying now? If willing to invest for the longer run then yes because people gamble through recessions.
The share price dropped 18% two weeks ago when it was rumoured that the culture secretary favoured the £2 limit . I knew that a £2 limit would be announced and wants confirmed I thought that the price would drop again a bit more buy it's actually gone up . It's win win the £2 limit has been confirmed and will protect problem gamblers and the share price has gone up 😀
You also said it will tank, still waiting for that to happen..
I warned you all two days ago that the £2 limit was coming and told you to sell