Matt Hancock cuts top stake on FOBT to 2 stg -The Sun

May 16 (Reuters) - British Media secretary Matt Hancock has said that the highest stake on fixed odds betting terminals (FOBT) will be cut to 2 pounds ($2.70), The Sun reported on Wednesday.

Prime Minister Theresa May had been "on the fence for a while" with Finance Minister Philip Hammond being opposed to the 2 pounds limit, but May eventually sided with Hancock and Sports Minister Tracey Crouch on the issue, the report said, citing a source. http://bit.ly/2rMiMig

British gambling firms GVC Holdings Plc (Frankfurt: 6GI.F - news) and Betfred, along with other bookmakers, had been weighed down for the past few months by uncertainty over the review to decide the new top stake for slot machines.

FOBT is a touch-screen machine that allows players to bet on the outcome of various games such as roulette. Dubbed the "crack cocaine" of gambling, campaigners argue that the machines enable players to lose money too quickly, leading to addiction and wider social problems.

($1 = 0.7401 pounds) (Reporting by Ishita Chigilli Palli in Bengaluru)