Most Rev Justin Welby is among Church of England leaders who hope a public consultation will prompt the Government introduce a £2 cap.
Posting on Twitter, he said: "Fixed Odds Betting Terminals cause great harm to vulnerable people, their families and communities.
"It's time to fix the legal loophole."
The Gambling Minister Tracey Crouch announced a twelve-week consultation at the end of November on proposed changes to the industry, including new controls to stop gambling firms using advertising to target children.
In February, members of the Church's governing General Synod body unanimously approved cutting the maximum stake on FOBTs, and new powers for councils to control the number of machines on high streets.
Bishop of St Albans Dr Alan Smith, who supports the proposed measures said at the time of the consultation's launch: "The presence of FOBTs on high streets and damage they do to individuals, families and communities should concern us all.
"I hope everyone takes the time to make their voices heard in this consultation.
"Large corporate interests will do everything they can to influence the Government's decision on the maximum stake for FOBTs, so is essential that ordinary people share their local experience of these machines."