Gambling can be a serious problem for a lot of individuals especially for areas low-income families. However, after attempts to regulate betting terminals, regulators have failed to get the ball rolling considering that it would put profits back for bookmakers.
Fixed-odds betting terminals can be highly addictive. In fact, there are a lot of elements that can make the game so exciting. And though the games are sometimes stupid, its adrenaline-inducing nature has yielded billions for companies. In 2016, it has garnered £1.8 billion. It has recorded 233,000 sessions wherein players could lose more than £1,000.
Is FOBT The Worst?
If you will look closely at the dynamics of those who are using FOBTs, they are the ones from the most vulnerable population. However, the bookies would say that by reducing the stakes, this would lead to betting shops closing for good. Unfortunately, when you have FOBTs that cause people to be in debt and distress, it could actually be a good deal to have FOBTs closed for good.
Can’t Reduce Maximum Betting
The problem with FOBTs still remains until today. The Gambling Commission couldn’t recommend reducing the maximum bet on FOBTs to £2. Instead, The Gambling Commission mentioned that it is leaving the decision to the Department of Digital, Culture, Media, and Sports.
Gambling is considered less regulated in the UK. It is also common that you get to see ad breaks that are filled with live odds that remind viewers to “bet now”. In fact, there is no limit to what bookies can do for gamblers to shell out more money into their gambling habit. Paddy Power, for instance, offers a free £10 bet if you have made five bets of more than £10 in a week.
A Review of Online Gambling
Though the Gambling Commission failed to control betting terminals, it has released a review of online gambling report. This 63-page report was published with an announcement that UKGC is already planning to tighten regulations that relate to consumer protection.
The Gambling Commission’s provided four key policy recommendations in order for the British bettors to bet online. Included in the recommendations are age verification, improved KYC checks on a customer’s financial status, misleading and unfair marketing and promotional practices, and lastly ineffective customer interaction. For the last one, it pertains to the ability of the websites to identify behaviors that suggest gambling problem.
Underage Issue and Know Your Customer
Slowly UKGC is addressing problems that have been rampant in the gambling industry. The underage issue has been around for quite some time. And with UKGC’s recent move, the commission recommends that there should be verifiable pre-registration for all UK gambling websites.
Another issue that is being addressed by the commission is the possibility of using gambling websites for money laundering. “Know Your Customer” is a background check wherein gamblers are going to be checked where exactly did they get their funds.
The Gambling Commission has been doing its best in terms of online gambling. However, it has failed to address the FOBT problem that affects low-income households. Could these steps enough to alleviate gambling problems in the UK?
