warns prime minister over FOBTs rule change

15 May 2018

ByDominic O'Connell Today Programme Business Correspondent
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The chairman of bookmaker William Hill has actually warned the prime minister his firm dangers being purchased by a foreign rival if it is weakened by brand-new betting rules.
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In a letter to Theresa May, Roger Devlin said modifications to the amount that can be banked on High Street betting devices could strike jobs and profits.

The federal government is expected to announce imminently a last choice on its review fixed-odds wagering terminals.
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He proposed harder guidelines on adverts and a levy to help problem bettors.

Currently, fixed-odds betting terminals (FOBTs) enable players to stake up to ₤ 100 every 20 seconds.

A review's interim findings recommended cutting the maximum stakes to ₤ 30, but there have actually been reports that the quantity could be cut to just ₤ 2.

Anti-gambling advocates, who have actually called the fixed-odds machines the "fracture cocaine" of gaming, support the move.
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Bookies, nevertheless, have alerted that such a cut would result in the closure of thousands of outlets, a big decrease in tax paid to the Treasury, and would have ripple effects on the horse racing market.
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'Catastrophic'

Bookmakers support horse racing through a market levy and offering cash prize.

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

He composed: "Sadly, I fear that your federal government will decide that is unneeded and lacking in proof - a decision that will likewise be catastrophic for a retail betting market utilizing over 40,000 individuals."
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"Consolidation within our sector continues and I would also not desire to see the impact of an out of proportion ... outcome being an element in the name of William Hill being contributed to the list of business now in foreign ownership," he stated.

Mr Devlin said William Hill supported a ban on gambling marketing on television before the watershed, and a levy on the market to spend for education and treatment of problem gamblers.
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Mr Devlin, who was designated chairman of the bookie previously this promotion code year, is also chairman of the housebuilder Persimmon, which has actually been racked with debate over a generous executive pay scheme.

Shares in William Hill have been hit hard by worries 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, though. William Hill shares jumped after the yohaig code US Supreme Court handed down a ruling that would permit states to legalise sports betting, opening a huge prospective new market to betting companies.

High stakes for fixed-odds betting devices
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