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Gambling is a pastime transcending millennia. From dominos to cards, enjoyment has increased with the introduction of wagers. Il Ridotto (“The Private Room”) was the first casino introduced in Venice in the 17th century. Horse racing grew in popularity in the 18th and 19th centuries, added a new flavour – sports betting. Gambling is now a multi-billion dollar empire, with an estimated legal market value of $335bn (2009). But more money means more problems. Costly risks have resulted in big losses for consumers. In 2017, The Gambling Commission indicated UK gamblers lost a record £13.8 billion. And that figure has grown year-on-year since 2011.
British government involvement in betting has seen both regulation and deregulation. Sir Winston Churchill created The Racehorse Betting Control Board in 1928 as a deterrent to illegal bookmaking. This became the Horserace Totalisator Board, or the Tote, before being privatised in 2011 and the eventual sale to Betfred. Legislation likeThe Betting and Gaming Act 1960, The Gaming Act 1968, and The Gambling Act 2005 liberalised gambling, allowing for the opening of casinos and bingo establishments, both on and offline. Online sports betting and slots games continue to grow in popularity and have thrived under the relaxed laws.
However, recent controversies around problem gambling have forced the government to act responsibly – an ethos echoed by betting companies in advertisements. The Department for Digital, Culture, Media and Sport has elected to reduce the minimum stake on fixed-odds betting terminals (FOBTs) from £100 to £2. This comes after months of protests from anti-FOBT groups and bookmakers, the latter making more than 50% of their revenue from the machines. This has lead to closure of betting shops, sayLadbrokes, who plan to close up to 29% of their shops over the next 2 years. The Association of British Bookmakers told The Guardian, “We expect over 4,000 shops to close and 21,000 colleagues to lose their jobs.”
Source: Latest News on European Gaming Media Network
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