Playing slot games at UK online casinos remains extremely popular. Gamblers love spinning the reels and hopefully winning some big cash prizes. However, they can be very addictive and in September, new significantly reduced maximum stakes are being introduced, particularly for those aged under 25.
Revenue from online slot games played in the UK have more than doubled in the past eight years. Their popularity was illustrated in the Q4 figures for the 2023/24 financial years. They showed a gross gambling yield for the licensed UK gambling industry of £614 million.
That’s an increase of 11% from the same period in the previous financial year. March alone produced a total yield of £220.4 million from slot games.
With so much money being staked on a total of 21.9 billion spins in Q4, slot games contribute around 30% to total gross gambling yield. Will they be able to do that when the new maximum stakes come into play in September?
There have been concerns over the safety of online slots for some time. There is no maximum stake in place at present for online slot games, unlike at land-based venues. It is easy to lose a great deal of money in a very short time and that is a key reason why the maximum stake limits for online slots are being reduced.
For players who are aged between 18 and 24, the new maximum stake limits will be reduced to £2. For those slot players who are aged 25 and over, the maximum amount that can be gambled on one spin of the reels will be £5.
Another concern is the length of time players spend playing online slot games. The average session lasts 17 minutes but for millions they can be playing for over an hour. What’s worrying is the amounts that can be lost over such a period of time.
One no-no in gambling is chasing your losses. If a player goes through a poor run and loses money, they may well carry on playing and try to recoup their losses. Sometimes that works but it’s more likely that the amount lost will simply increase.
It’s taken a long time for the UK Government to take this action regarding online slot games. It’s part of a much-needed attempt to reform the UK’s gambling industry. The last major legislation in this area was back in 2005. With the arrival of the internet and being able to gamble online using your mobile phones, the current legislation is outdated.
Last year saw the UK Government finally publish a White Paper on gambling reform. The emphasis was on making it safer to gamble in the digital age and many of the proposed measures were aimed at younger players.
After the publication of the White Paper, a great deal of consultation has taken place. This has been with treatment providers, academics, those who work in the gambling industry and those who have been campaigning for reform.
The dangers that are attached to playing online slot games is of great concern. Stuart Andrews is the current Gambling Minister and he has said that “there is a significantly higher problem gambling rate for online slot games.”
Those in the gambling industry are concerned about the new maximum limits. They still recall similar moves that were taken against the gambling machines seen in UK High Street betting shops. Five years ago, the maximum stake limits for those was reduced from £100 to just £2. The loss of revenue caused some shops to be closed and staff redundancies made.
At whatbonuscode.co.uk, a site about casino offers, they hope the UK does not go further and follow the path of Bulgaria, Brazil, and Canada in banning advertisements for free bets and bonuses. Such a ban could decrease casino revenues without substantial evidence of improving the situation for vulnerable gamblers, as only around 40% of new customers claim these bonuses.
Estimates are that the new stake limits could see millions of pounds being lost. There’s also the concern that gamblers may decide to leave the licensed and regulated industry. If they do so and start playing on the black market, then the levels of customer protection available will be significantly reduced.
That’s bad news for gamblers, especially those already at risk. It’s not going to be welcomed by the licensed and regulated gambling industry with more revenue being lost.
The charity Gambling with Lives was set up to help families affected by suicides that are gambling-related. They view this move as a “missed opportunity” by the UK Government.
Their co-founder is Charles Ritchie who sadly lost his son when he committed suicide after suffering gambling harm.
Although he sees the new measures as “a step in the right direction,” he believes the £5 figure set for those aged 25 and over is still too high. His opinion remains that online slot games “are very toxic and need to be made safer.” He’d like to see a reduction for spin speeds to also be introduced along with more information being made available about the dangers of gambling.
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