William Hill cautions prime minister over FOBTs rule change
15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookie William Hill has cautioned the prime minister his firm dangers being purchased by a foreign rival if it is weakened by brand-new wagering rules.
In a letter to Theresa May, Roger Devlin said changes to the amount that can be banked on High Street gambling makers might strike jobs and profits.
The government is anticipated to announce imminently a decision on its evaluation fixed-odds betting terminals.
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He proposed tougher guidelines on adverts and a levy to help issue 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 suggested cutting the maximum stakes to ₤ 30, however there have been reports that the amount might be cut to just ₤ 2.
Anti-gambling advocates, who have dubbed the fixed-odds devices the "crack cocaine" of betting, support the relocation.
Bookies, nevertheless, have actually cautioned that such a cut would result in the closure of countless outlets, a huge decrease in tax paid to the Treasury, and would have knock-on effects on the horse racing market.
'Catastrophic'
Bookmakers support horse racing through an industry levy and offering cash prize.
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Mr Devlin's letter, initially reported by Sky News and seen by the BBC, said UK gambling was "incredibly well controlled".
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He composed: "Sadly, I fear that your government will make a choice that is unneeded and doing not have in proof - a decision that will also be disastrous for a retail betting market employing over 40,000 people."
"Consolidation within our sector continues and I would likewise not want 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 stated.
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Mr Devlin stated William Hill supported a ban on gambling advertising on tv before the watershed, and a levy on the industry to spend for education and treatment of issue gamblers.
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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 actually been racked with debate over a generous executive pay plan.
Shares in have actually been struck hard by fears that fixed-odds stakes would be cut, falling greatly last month on reports that the chancellor, Philip Hammond, would not oppose the relocation.
On Monday, however. William Hill shares jumped after the yohaig code US Supreme Court handed down a judgment that would allow states to legalise sports wagering, opening up a big potential new market to gambling companies.
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William Hill Warns Prime Minister Over FOBTs Rule Change
gradywarman47 edited this page 2025-10-21 20:17:21 +00:00