Paddy Power Betfair and BetFred, two high streets bookmakers, have pulled their products that were introduced recently. The companies decided to pull out the products as the United Kingdom Gambling Commission (UKGC) warned the operators and have said that the investigations are still underway.
According to the reports in the media, another bookmaker has also been issued warnings by the gambling commission as the news surfaced that they were going to launch a new product.
Earlier this week, the maximum stake limits on FOBTs (fixed odds betting terminals) was reduced from £100 to £2. The warnings were issued as the Commission is yet to investigate if these new products by the bookmakers could violate the effective regulation.
The commission has also said that they can investigate the top officials at these bookmakers who were involved in delivering such products to the market.
Commission’s Chief Executive Neil McArthur issued a letter which had strict warnings for the bookmakers. In the announcement, the commission’s chief executive has firmly said that any compromise with the new maximum stake limit on FOBTs will not go unnoticed and will have severe consequences for the bookmakers. It reaffirmed the commission’s commitment towards consumer protection.
Executive Director for Enforcement, Richard Watson, said, “We have been clear with operators about our expectations to act responsibly following the stake cut implementation this week. We have told operators to take down new products which undermine the changes, and we will investigate any other products that are not within the spirit and intention of the new rules.’’