Betting shops and pay – day lenders
Whilst the Worlds economy has been through worst crisis for decades, the gambling industry is booming considered to be in billions and billions of pounds.
The high street in Britain has changed the shape. The betting shops are now the new look, sitting in metres from each other. Reports say there are 8500 betting shops in Britain. In only one street in Newham east London you can count 18 betting shops.
“In the country where betting shops are more common than post offices, I think we have a problem” says Rowenna Davis a high street campaigner. Each of them betting shops has 4 fixed odds betting terminals (FOBT’s). They are killing machines. Maximum bet is £100, and a spin takes 20 seconds. So technically they can wipe out £500 only in one minute. So called “crack cocaine gambling”
But I think it is time to stop them. As they stand now, a description of a Scottish bookmaker John Banks suits them properly. He called them “money factories – a licence to steal money”
Campaigners and Councils across the country are now fighting back. They want to change the law and lower the bet on these terminals from £100 to just £2.
Until then they will continue to make millions and contribute to make poorer communities.
And changing the shape of high street in Britain are the pay-day lender shops too. As the banks are not lending anymore the pay-day lending shops took over and they are booming. The interest rates charged by pay-day loan companies has been capped but still very high. The battle to prevent vulnerable people from falling into spiral debt is getting desperate says Stella Creasy the MP who introduced the regulation on pay-day loans.