FOBT

The Fixed Odds Betting Terminals or FOBT’s are a contentious gambling portal that has addictive gambling tendencies, fixed odds that benefit the house and offer a haven for your average money launderer, yet they are still as popular today as ever. Why??

Even though FOBT’s have had seriously negative high profile press and a limit imposed on what you can bet at any one time, they still thrive. So why are they still available? Simple! They have netted the industry an estimated £750,000,000 since their introduction.

They are a serious cause for concern and Gambling Addiction Charities warn that they are more of a threat to the potential of addiction than any other singular gaming product or bookmaker. These machines are pre-loaded with fixed odds that are never in the players favour.

We’ve grown up over the past 30 years or so with the local bookie being the place to go when we want to stick a fiver on the 3:30 at New Market or a tenner on Tottenham beating Chelsea, but betting shops have evolved. Over the past decade they have become less focused on the bets at the counter and more on the machines in the corner. We’re not talking about the successors to the old one-arm bandits, but sophisticated machines allowing stakes of up to £200 a spin, which takes about 20 seconds to lose.

OK I hear what you say that gamblers will find a way of losing their money no matter what, and that is true. but the speed and ferocity in which you could lose a small (and large) fortune is what is causing the concern. The new regulation changes are not enough, because self-rule only works on the willing.

The way that it stands at the moment is that each punter has to make the choice of either a monetary limit or a time limit before play. Once that limit has been reached, gaming terminal will inform them that they have reached their set limit. If they want to continue then they will have to wait 30 seconds before placing another bet. Think about that, 30 seconds!! Not enough time to rationally think things through.

The better option is to NOT set your own limits, because then the betting terminal limits your play to 30 minutes or loses of £250. At this point you will be forced to wait 30 minutes before you can continue. Enough time to go away and have a coffee and assess the situation. The maximum pay-out is set at £500, but you can circumvent that easy enough.

It’s hard to believe that any rational person can still want to play on an FOBT knowing what the risk for disaster is, but addiction has nothing to do with rationality. Fixed Odds Betting Terminals are popular and with potential for fast pay-outs and massive wins, the FOBT is here to stay unless the law is changed, and what are the odds of that happening??