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By Tom Winnifrith | Wednesday 7 March 2018
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
As a libertarian I really do believe that you should be allowed to spend your money on whatever you want - it is your pocket book and your body. Drugs, guns, sex, nicotine, even books written by crooked Hillary Clinton it is all fine by me and so too is spending your own cash on a Fixed Odds Betting Terminal (FOBT) at William Hill (WMH). But the Government plans to slash the maximum you can wager on a FBOT from £100 a pop to as little as £2 because it wants tgo hbelp problem gamblers. It is nanny state. I should oppose HMG. But a BBC Radio 5 interview with Hill's spokesman Ciaran O'Brien has made me think - O'Brien really is the scum of the earth.
FBOT is a con. The odds are fixed and so if you keep popping in money you will without any doubt lose money. Over an hour if you wager £2 a time you will lose £8. If you wager £50 a time you lose £243, To his credit O'Brien does not pretend that William Hill is not taking money from its customers in this way. But it as he is quizzed he very rapidly gives up any pretence that his employer gives a damn about its customers, it simply wants to part them from their cash even if they are a pathetic drink infused addict, a wreck.
Listen to O'Brien and I suspect that even libertarians will have a problem with his approach, FBOT operation is not capitalism it is theft from the vulnerable since only the vulnerable, the addicted, the stupid, would play such machines. FBOT operation is if not the than an unacceptable face of capitalism.
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