The government has cut the minimum stake for all fixed-odds betting terminals from £100 to £2.

Fixed-odd betting terminals, such as electronic slot machines, are known to attract a disproportionate number of gambling addicts.

The decision to slash the minimum stake is an attempt to reduce the levels of debt that gambling addicts can get themselves into, particularly on the fast paced, high stakes slot machines.

There are 61 licensed betting shops in Waltham Forest, each with four slot machines.

In 2016 alone nearly £18 million was lost on these machines and each machine turns a profit of around £1,000 per week.

It has been shown that debt is one of the biggest causes of family breakdown. Problem gamblers neglect their close relationships, including with partners and children, and sometimes turn to crime to fund their habit.

The government’s decision has been welcomed by many, including Waltham Forest Council. It has lobbied the government on this issue.

Iain Duncan Smith, MP for Chingford and Woodford Green has campaigned on the issue since 2005 and headed the cross-party team that pushed it through parliament.

He said: “That was our target so it was very pleasing.

“The betting companies, not all of them, but some of them, they threw the kitchen sink at us to stop it. The pleasure in the final decision is all the more.”

Mr Duncan Smith explained the average loss for someone addicted to fixed-odd betting machines is £1,000.

He added: “There are whole families in trouble over this. It’s deeply, deeply addictive.”

Cllr Clyde Loakes, deputy council leader, said: “Finally this is some really good news. Waltham Forest Council, along with many of our residents, has been at the forefront of the campaign and lobby of Government for many years to take action on this issue to prevent vulnerable people getting sucked into a dangerous and tragic spiral of debt.

“It is regrettable that it has taken this long.”

Waltham Forest Council also called for a reduction in the maximum number of slot machines in each betting shop from four to two.