UK Legislators Want Betting Limit Restrictions Imposed On Online Slots
UK legislators are calling for the Gambling Act of 2005 to be amended as they believe that the current regulations are not stringent enough to govern the online gambling industry in the UK that generates over £5.6 billion annually.
UK MPs released a controversial report which calls for a number of changes to be made so that online gambling can be better policed in the country. Some of those changes include imposing a max betting amount on online slots, banning the use of credit cards and setting restrictions on VIP accounts.
The All-Party Parliamentary Group (APPG) are pushing hard for gambling laws to be changed and they have a number of suggestions to make.
Reduce Online Slot Machine Bets
The UK government caused a lot of controversy when it passed a law to reduce the maximum bet for fixed-odd-betting terminals (FOBTs). That law came into effect earlier this year when the maximum amount was reduced from £100 to £2. This was done in order to curb over spending at FOBTs and also control the increase of problem gambling numbers in the country.
Online slots are by far the most popular form of online gaming and casino operators tend to pack their portfolio with a high number of online slot titles as they know that slot games bring them the most revenue. This is why a number of MPs are pushing for a minimum bet amount to be made mandatory for online slot games.
In a statement, Duncan Smith, APPG vice-chairman said
It is outrageous that there are not stake limits online, that gamblers are still able to gamble using credit cards online and that operators are able to continue to offer inducements to the vulnerable without proper sanction.
The report stated that since gambling laws permit a max bet of £2 at FOBTs, it is only fair that the same restriction is applied to online slot games.
Other Recommendations From The Report
The report was compiled after government officials spent six months working closely with gambling operators and addicts to see how things work on a day-to-day basis. The interim report was published by the APPG and the official report is expected to be released later this week.
The report also pushes for a complete ban on credit cards at online gambling sites and for operators to stop granting VIP players special bonuses including high credit.