Now that the federal law on betting has been ended by the Supreme Court the US can openly enjoy the joys of giving your hard earned cash to bookmakers…dependent on the state in which they reside!
For some daft reason the US had laws proscribing the act of betting, even though millions do it and every one knows a book maker where they can place bets. They also can bet using Pari Mutuel and on draft picking in which they pick players and win points on how the player play. A bit like fantasy football.
The US bettors can place bets without the rigmarole of choosing best preforming player/players, or have bets that can vary wildly price wise such as totalisers. They can have a straight bet on an outcome, knowing the price they will get has already been made and accepted.
All well and good and just in time for UK bookmaking firms to take advantage of the US relaxation of the law, as the UK government has decided that the evil cash cows that has sustained the UK gambling industry for the last 15 or so years is going to be heavily regulated. From now on instead of punters losing up to £100 per 20 seconds, they will be allowed to lose £2 every 20 seconds on fixed odds betting terminals (FOBT’s).
Naturally the bookies are in melt down and are very angry. They claim that the retail shop will suffer and some will close, and, employment within the retail industry (ie shops) will be reduced.
In my view the machines are seriously out of order and give the uneducated thick poor a reason to ‘commit’ financial suicide. All the £2 limit will do is make the compulsive gambler and the mentally deficient poor spend more time in the bookmakers so that they can lose their money less efficiently.
The bookmakers are just exhibiting their vampire natural state of being. They will now have to provide a better service in the sense of offering better odds for the retail market to attract those who want to launder money through the retail bookmaking shops happy.