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Listening to the gambling industry is terrible economics | Larry Elliott

Philip Hammond has got his sums wrong in backing jobs in bookies over fixed-odds betting terminals Philip Hammond makes an unlikely defender of the gambling industry. The chancellor is a frugal man who rather relishes his nickname of Spreadsheet Phil. He is certainly not a politician you would ever find pumping £100 a time into a fixed-odds betting terminal (FOBT) at a high street bookies. Yet, giving evidence before the Treasury select committee this week, Hammond said it was right for the government to delay a cut in the maximum stake on FOBTs until October next year – a decision that led to the resignation of the sports minister , Tracey Crouch. Related: End the scourge of fixed-odds betting terminals | Dr Alan Smith Related: William Hill warns gambling crackdown will hit full-year profits Continue reading...

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