William Hill cautions prime minister over FOBTs guideline modification
15 May 2018
ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookie William Hill has actually warned the prime minister his firm risks being purchased by a foreign competitor if it is deteriorated by new wagering guidelines.
In a letter to Theresa May, Roger Devlin said changes to the quantity that can be banked on High Street betting machines could hit jobs and profits.
The government is expected to reveal imminently a decision on its review fixed-odds betting terminals.
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He proposed tougher rules on adverts and a levy to help issue bettors.
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Currently, fixed-odds wagering terminals (FOBTs) permit players to stake approximately ₤ 100 every 20 seconds.
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A review's interim findings recommended cutting the optimal stakes to ₤ 30, however there have been reports that the quantity could be cut to simply ₤ 2.
Anti-gambling advocates, who have actually called the fixed-odds devices the "crack cocaine" of betting, support the move.
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Bookies, however, have warned that such a cut would lead to the closure of thousands of outlets, a huge reduction in tax paid to the Treasury, and would have ripple effects on the horse racing market.
'Catastrophic'
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Bookmakers support horse racing through a market levy and offering prize cash.
Mr Devlin's letter, initially reported by Sky News and seen by the BBC, said UK gaming was "extremely well regulated".
He composed: "Sadly, I fear that your federal government will decide that is unneeded and lacking in evidence - a decision that will also be devastating for a retail wagering industry employing over 40,000 individuals."
"Consolidation within our sector continues and I would also not wish to see the effect of an out of proportion ... result being a consider the name of William Hill being added to the list of companies now in foreign ownership," he said.
Mr Devlin stated William Hill supported a restriction on gambling advertising on television before the watershed, and a levy on the market to spend for education and treatment of problem bettors.
Mr Devlin, who was appointed chairman of the bookie previously this promotion code year, is also chairman of the housebuilder Persimmon, which has actually been racked with controversy over a pay scheme.
Shares in William Hill have actually been hit hard by worries that fixed-odds stakes would be cut, falling sharply last month on reports that the yohaig code chancellor, Philip Hammond, would not oppose the move.
On Monday, however. William Hill shares jumped after the yohaig code US Supreme Court bied far a ruling that would allow states to legalise sports betting, opening a big prospective brand-new market to betting business.
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William Hill Warns Prime Minister Over FOBTs Rule Change
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