William Hill warns prime minister over FOBTs rule modification
15 May 2018
ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookie William Hill has cautioned the prime minister his firm risks being bought by a foreign rival if it is weakened by brand-new betting guidelines.
In a letter to Theresa May, Roger Devlin said modifications to the amount that can be bet on High Street betting devices might hit tasks and profits.
The federal government is expected to announce imminently a final decision on its evaluation fixed-odds wagering terminals.
He proposed tougher rules on adverts and a levy to help problem bettors.
Currently, fixed-odds betting terminals (FOBTs) allow gamers to stake approximately ₤ 100 every 20 seconds.
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A review's interim findings recommended cutting the optimal stakes to ₤ 30, but there have been reports that the quantity could be cut to simply ₤ 2.
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Anti-gambling advocates, who have dubbed the yohaig code fixed-odds devices the "crack cocaine" of gambling, support the relocation.
Bookies, however, have actually warned that such a cut would result in the closure of thousands of outlets, a huge decrease in tax paid to the Treasury, and would have ripple effects on the horse racing industry.
'Catastrophic'
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Bookmakers support horse racing through an industry levy and offering prize money.
Mr Devlin's letter, first reported by Sky News and seen by the BBC, stated UK betting was "incredibly well controlled".
He composed: "Sadly, I fear that your government is about to make a decision that is unneeded and doing not have in proof - a choice that will likewise be devastating for a retail betting industry 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 a disproportionate ... result being a factor in the name of William Hill being contributed to the list of companies now in foreign ownership," he said.
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Mr Devlin said William Hill supported a ban on gambling advertising on before the watershed, and a levy on the market to spend for education and treatment of problem bettors.
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Mr Devlin, who was appointed chairman of the bookie previously this year, is likewise chairman of the housebuilder Persimmon, which has been racked with debate over a generous executive pay scheme.
Shares in William Hill have actually been hit hard by fears that fixed-odds stakes would be cut, falling dramatically last month on reports that the chancellor, Philip Hammond, would not oppose the relocation.
On Monday, however. William Hill shares leapt after the US Supreme Court bied far a ruling that would enable states to legalise sports wagering, opening a big possible brand-new market to gambling companies.
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High stakes for fixed-odds betting machines
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12 May 2018
Bookmakers struck by tougher wager limit fears
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24 April 2018
Betting device wagers set for ₤ 30 limit
19 March 2018
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William Hill Warns Prime Minister Over FOBTs Rule Change
charleybayles edited this page 2025-10-18 16:29:02 +08:00