Chancellor blocks curb on high-stakes gambling – tax revenue more important

“Chancellor of the Exchequer Philip Hammond has blocked government attempts to curb high-stakes gambling machines commonly found in betting shops in order to preserve tax revenues, the Daily Mail newspaper reported on Saturday.

Britain’s ministry for culture, media and sports, which regulates the gambling industry, launched a consultation in October into the maximum wagers that should be allowed on gambling machines, including those known as fixed-odds betting terminals.

These machines currently allow gamblers to bet as much as 100 pounds ($130) every 20 seconds in electronic versions of casino games like roulette, and some British lawmakers have called for this to be reduced to 2 pounds.

The Daily Mail cited a government source as saying Britain’s finance ministry feared this would be “financially crippling” for tax revenues, and separately said Hammond had acted to ensure a clampdown on maximum gambling stakes was shelved. …”

http://feeds.reuters.com/~r/reuters/UKDomesticNews/~3/eywHCmJcdcU/uk-britain-gambling-idUKKBN1AL0DP