UK Slot Machine Limited to two pound bets

 Reading Time: 2 minutes

Believe it or not, bookmakers – or the bookies, have been around since the 60s. A staple at the racecourses throughout the UK, their status has risen in the ranks over the years and now they’re even digitally based and available at online casino sites. It’s interesting how casino games have evolved over the years.

The internet online casino explosion brought with it a new market for bookies to aim to, and indeed they were among the first companies to realise its potential. It was bookies who helped slots and online casino games makers develop technology to come up with odds and other features unique to online casino sites like daisy slots. Read on to find out more.

See also: Work Form Home Survey Jobs

When Slots Limited to £2

The UK government held a long consultation in 2018, and subsequently set a new slots stake limit from £100 to just £2 per spin. The change only came into effect in 2019. As slots fall into category B2 fixed odds betting terminals a remit to evaluate the lower limit B1 and B3 gaming machines was also announced.

This will look into spending and time limits with slots. The slots stake limit only came into effect in October 2019. In addition, the decision was made in the 2018 budget that it would, so it coincided with the new 21 per cent tax on online casino gambling. Backlash from the public however, forced the government reverse this decision temporarily.

Why Slots have been Limited to £2

The decision to limit slots to £2 hasn’t been popular with any bookies, and indeed it’s the lowest limit that’s ever been introduced. So why did ministers feel the need to limit slots like this? Bets placed in shops was on the decline, and the online casino revenue was increasing at a rapid rate thanks to fixed odds betting terminals. AKA slots.

What the Slots Limit Means for the Online Casino and Gambling Industry

It’s now pretty a surefire thing that betting shops and some slots will go out of business. Indeed, most of the big high street bookies have estimated losses of up to £200 million a year alone. But, there would be no point keeping a falling empire afloat at the expense of innovation. Online casino sites and gambling is still thriving, after all.

With online casino sites and slots, you can still play any casino games with high stakes. In addition, players can still go to land casino and play higher stake real and virtual games. In the long term the slots limit is a good thing, as it stops money laundering by criminals and improve the casino games experience for many.

Slots Limit Conclusion

All in all, change is still change, and we don’t really know what this change will mean for slots entirely until we see what happens. But, one thing’s for sure – slots remain as fun as ever, limited or not. Why not head to your favourite online casino today and see what you can win?

This article has been financially reviewed by Ben Heir, CFA

Last Updated on September 17, 2020 by Philip Horton

.

Join a Discussion

Author

Philip Horton

Philip Horton

Philip is the Head of Content for OnlineMoneyPage. He is responsible for researching and writing articles. He is also one of the co-founders of OnlineMoneyPage.

He is an experienced finance professional with a proven track record in the field of financial advisory. He has a proven history of success in clients’ personal finance planning. His core competencies include: Financial Planning & Analysis, Budgeting & Forecasting, Financial Modeling, Income Streams Improvement, and more.

Philip holds a MA degree in financial management and is a CFA and CFP charterholder.

Get Paid for Being Online
Paid Surveys
Earn Money
Paid Surveys
Start Investing

PAID SURVEYS

UP TO $50 PER SURVEY

CLAIM $10 SIGN-UP BONUS BEFORE IT’S GONE

You'll Get Paid For: