Fixed odds betting machines or FOBT are again back in the news. Often called the crack of cocaine of gambling fix odds betting terminals, is back under scrutiny.
The coalition government is urged to impose a ban on the use of these machines in high Street bookies. This campaign has been ignited by Derby businessman Mr Derek Webb, who is funding a campaign to ban FOBTs, Mr Webb a millionaire made his fortune who, though gambling; Mr Webb is also noted as inventing Three Card Poker.
Fixed odds betting machines have been known to take hundred pounds every 10 seconds.
FOBT vastly different from normal fruit machines, such as those in clubs, bars, in which stakes are set to £2, using a FOBT a gambler can gamble up to £100 every 20 seconds – better than four times quicker than the rate of play in a genuine casino, with a maximum payout of £500, the popularity of these machines has spread to most high streets and betting shops throughout the country.
In one report in the Guardian Newspaper interviewed one gambler commenting that he had gambled away his monthly income in a few hours.
Figures released by the gambling commission, stated that the gross profit on fixed odds betting machines in 2012 was estimated to be £1.4 billion.
The British Association for bookmakers stated that there is no evidence to suggest that fixed odds betting machines are causing gambling addictions. The industry is reluctant to adjust these machines to allow for smaller stakes and smaller prizes commenting that the impact on the gambling industry would be a loss of 40,000 jobs and the closure of a possibly 8,000 high Street bookies shops. One notable fact is that in UK the gambling industry pays over £1 billion in tax each year.
With more accessible gambling, such as fixed odds betting machines, and online gambling. One has to ask the net effect on gambling addiction in the UK. The in the past, one could gamble was a bookies shop, now is available 24 seven online.
As with all psychological addictions, gambling plays into the pleasure centers of the brain stimulating endorphins, giving what is often called a “gambler’s high”.
As with all addictions, and addicted gambler needs support in withdrawing from his or habit or behaviour.
Eleos counselling, has had many years helping clients with addictive behaviours. If you would like to know more, please click on the link below.