In a very Scrooge-like move, the managers of BetFred betting shops have been told that their wages will directly depend on how much money the bettors are waging on gaming machines with high stakes. BetFred is one of the largest independent bookmakers in Britain and this memo has come just a few weeks before Christmas. This means that their pay will be cut by hundreds of pounds every month.
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These gaming machines are high-speed and high-stakes betting terminals that have fixed-odds betting. Bettors can wage up to £100 per spin for every 20 seconds, These gaming machines or fixed-odds betting terminals (FOBTs) as they are popularly known are quite addictive. Branded as a ‘social cancer’, these machines make it possible for people to gamble casino-style on the high street.
BetFred has around 1,400 betting shops on the high streets. Critics have said that these machines can lead to crime. Regulators have also warned that they pose money-laundering risk as well. The website is very popular – to get a free bet on the site, please check out our Betfred promo code.
The managers in the shops will probably rake in about £9 per hour. Those managers who do not market these machines will make only £7.75 per hour, which is a little higher than the national living wage. The national living wage is set at £7.65 per hour. The other staff that is cashiers and assistants will mostly be on the minimum wage of £6.31 or above.
This has not gone down too well with the managers of BetFred betting shops who have vented their frustration on the social media. Many are of the opinion that due to this announcement, they will have to work even harder just to match the wages that they used to make.
The founders of BetFred, Peter Done and Fred Done are worth about £850 million. The sales of BetFred last year were £6.7 billion as compared to the sales from the year before, which were £4.1 billion.
This year the staff of BetFred was sent a Christmas card with Fred Done photographed in a festive hat. However, the festive spirit was washed away with the announcement regarding their wages. The wages of some of the long-serving managers will be cut by as much as £900 per month. This is a huge reduction, especially when everything is getting more expensive.
BetFred is known to aggressively market all of its FOBT tourneys. So much so that, the customers interested in wagering their bets on these machines are given £50 of completely free play. This serves as a temptation and many people have known to get hooked on to it. These machines have also been dubbed as ‘crack cocaine’ of gambling.
More than a decade ago, BetFred had bought more than 490 Tote betting shops. After using it for some time, they claimed that these machines were unprofitable. They compared it with the average of the gambling industry, which brought in about £680 gross winnings every week. However, their rivals William Hill have known to achieve more than £1,000 every week.
The FOBT issue has stirred a political agenda. Labour had forced a vote on this issue last week. Lib Dems backed the government in spite of the party’s official opposing to these machines. However, Labour insiders have said that Ed Miliband will be speaking out in favour of the reformation of the betting industry in the next few weeks. BetFred said that it will be consulting their staff and explain how the grading would be done.