William Hill warns prime minister over FOBTs guideline change
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 purchased by a foreign rival if it is deteriorated by new wagering guidelines.
In a letter to Theresa May, Roger Devlin stated to the quantity that can be bet on High Street gambling makers could hit jobs and earnings.
The federal government is expected to reveal imminently a final choice on its review fixed-odds wagering terminals.
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He proposed tougher guidelines on adverts and a levy to help problem bettors.
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Currently, fixed-odds betting terminals (FOBTs) permit gamers to stake approximately ₤ 100 every 20 seconds.
A review's interim findings recommended cutting the maximum stakes to ₤ 30, but there have been reports that the quantity might be cut to just ₤ 2.
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Anti-gambling campaigners, who have actually dubbed the fixed-odds devices the "fracture drug" of gaming, support the relocation.
Bookies, however, have cautioned that such a cut would result in the closure of countless outlets, a big decrease in tax paid to the Treasury, and would have ripple effects on the yohaig code horse racing market.
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'Catastrophic'
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Bookmakers support horse racing through a market levy and offering reward cash.
Mr Devlin's letter, first reported by Sky News and seen by the BBC, said UK betting was "extremely well managed".
He wrote: "Sadly, I fear that your government is about to decide that is unnecessary and doing not have in evidence - a decision that will also be disastrous for a retail wagering industry utilizing over 40,000 individuals."
"Consolidation within our sector continues and I would also not desire to see the yohaig code impact of a disproportionate ... result being an element in the name of William Hill being included to the list of business now in foreign ownership," he stated.
Mr Devlin said William Hill supported a restriction on betting advertising on tv before the watershed, and a levy on the market to pay for education and treatment of issue bettors.
Mr Devlin, who was appointed chairman of the bookmaker previously this promotion code year, is likewise chairman of the housebuilder Persimmon, which has been racked with controversy over a generous executive pay scheme.
Shares in William Hill have actually been struck hard by worries that fixed-odds stakes would be cut, falling dramatically 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 US Supreme Court handed down a ruling that would allow states to legalise sports betting, opening up a big possible brand-new market to betting companies.
High stakes for fixed-odds betting devices
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12 May 2018
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William Hill Warns Prime Minister Over FOBTs Rule Change
romaineling622 edited this page 2025-10-18 23:06:23 +08:00