william-hill-warns-prime-minister-over-fobts-rule-change

William Hill cautions prime minister over FOBTs rule modification

15 May 2018

ByDominic O'Connell Today Programme Business Correspondent

The chairman of bookmaker William Hill has actually warned the prime minister his firm risks being bought by a foreign competitor if it is deteriorated by brand-new betting guidelines.

In a letter to May, Roger Devlin said modifications to the quantity that can be bet on High Street gambling devices could hit tasks and revenues.
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The federal government is expected to reveal imminently a decision on its evaluation fixed-odds wagering terminals.

He proposed tougher rules on adverts and a levy to help issue gamblers.

Currently, fixed-odds wagering terminals (FOBTs) enable gamers to stake approximately ₤ 100 every 20 seconds.
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A review's interim findings recommended cutting the maximum stakes to ₤ 30, however there have been reports that the amount might be cut to simply ₤ 2.

Anti-gambling advocates, who have called the yohaig code fixed-odds makers the "fracture cocaine" of gambling, support the relocation.
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Bookies, however, have actually warned that such a cut would result in the closure of countless outlets, a huge decrease in tax paid to the Treasury, and would have ripple effects on the horse racing industry.
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'Catastrophic'

Bookmakers support horse racing through an industry levy and offering reward cash.

Mr Devlin's letter, initially reported by Sky News and seen by the BBC, stated UK gambling was "exceptionally well controlled".

He composed: "Sadly, I fear that your federal government is about to decide that is unneeded and lacking in evidence - a choice that will likewise be devastating for a retail wagering market utilizing over 40,000 people."
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"Consolidation within our sector continues and I would likewise not want to see the impact of an out of proportion ... outcome being an aspect in the name of William Hill being contributed to the list of business now in foreign ownership," he said.

Mr Devlin said William Hill supported a ban on gambling advertising on tv before the watershed, and a levy on the market to spend for education and treatment of issue bettors.
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Mr Devlin, who was designated chairman of the bookie earlier this promotion code year, is likewise chairman of the housebuilder Persimmon, which has been racked with controversy over a generous executive pay plan.

Shares in William Hill have been struck hard by fears that fixed-odds stakes would be cut, falling sharply last month on reports that the chancellor, Philip Hammond, would not oppose the move.
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On Monday, however. William Hill shares jumped after the US Supreme Court bied far a ruling that would allow states to legalise sports betting, opening a huge possible brand-new market to gambling business.
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High stakes for fixed-odds betting makers
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12 May 2018

Bookmakers hit by tougher wager limitation fears
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24 April 2018

Betting device wagers set for ₤ 30 limit

19 March 2018