Betting on a slot machine can become a life-changing decision. In two directions though. If you’re very lucky to win, it can change your life forever making you a millionaire. If instead luck is not on your side, you may risk losing a fortune.
To avoid that players risk too much by playing at casino games, the government has launched new legislation that regulates players’ behaviours. This regulation aims at limiting the amount that players spend on casino games at Slotzo so to discipline them.
The first legislations appeared
The first measure on bets was launched in the UK in 1999. This was limiting the number of games players could choose but the betting limits were higher than now. The first fixed odds betting terminal (FOBT) already appeared in 2001 and it was further modified. In 2003, after many debates, it was decided that each shop should have only 4 terminals. Also, the same act stated that only the roulettes were allowed and the maximum stake on them could reach £100. New amendments to this statute were made in 2005 with the Gambling Act.
Another interesting development in this regulation was in 2013. An interesting review of the negative effects that playing casino games have on customers was published. Also, the proliferation of bookmakers and the fact they started opening their shops very near one to another has raised many other concerns. All these problems have led to a big anti-gambling stake and to a new regulation in 2018.
The Fixed Odds Betting Terminals (FOBT) and its consequences
To help vulnerable players to avoid unpleasant situations like losing a huge amount of money, a new statute on fixed-odds betting terminals has been recently launched. Actually, the measure was launched on the 17th May 2018 but it became active only in April 2019. Besides setting the bet limit from £100 to only £2, the same regulation obliges players to bet physical coins instead of using their credit card. This will allow them to keep track of their spending and spend less. What are its consequences on online casinos?
1. Many physical gaming shops will close down
As a result, well-known bookmarkers like William Hill, Dave Pluck, Eden Bookmakers are now closing some of their physical shops because the restriction will determine a massive cut on their revenues. This means that online casinos will benefit from this.
2. Some physical casinos will move online
Another consequence of this regulation will be the shift from physical casinos to online ones. Many of the biggest casino providers have stated that they will soon launch new online stores. Another solution is to create mobile applications to make their life much easier. No restrictions or stake limits on the online world.
3. The consequences for players
The rigid stake limits of betting machines have consequences on the players’ behaviours too. Many of them have already decided to join online casinos and play only at online slots. Everything is easier there as they don’t have any betting limits.
