William Hill cautions prime minister over FOBTs guideline change
15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
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The chairman of bookmaker William Hill has alerted the prime minister his firm dangers being bought by a foreign rival if it is compromised by new wagering guidelines.
In a letter to Theresa May, Roger Devlin stated modifications to the amount that can be bet on High Street betting makers might strike tasks and earnings.
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The federal government is expected to reveal 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 problem bettors.
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Currently, fixed-odds wagering terminals (FOBTs) allow players to stake approximately ₤ 100 every 20 seconds.
A review's interim findings suggested the maximum stakes to ₤ 30, but there have actually been reports that the amount might be cut to just ₤ 2.
Anti-gambling campaigners, who have dubbed the yohaig code fixed-odds machines the "crack drug" of gambling, support the relocation.
Bookies, nevertheless, have cautioned that such a cut would result in the closure of countless outlets, a huge reduction in tax paid to the Treasury, and would have knock-on results on the horse racing market.
'Catastrophic'
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Bookmakers support horse racing through a market levy and offering prize money.
Mr Devlin's letter, first reported by Sky News and seen by the BBC, said UK gambling was "exceptionally well managed".
He wrote: "Sadly, I fear that your government will decide that is unneeded and lacking in evidence - a choice that will also be catastrophic for a retail betting industry using over 40,000 people."
"Consolidation within our sector continues and I would also not want to see the effect of a disproportionate ... outcome being a consider 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 advertising on television before the watershed, and a levy on the market to spend for education and treatment of issue bettors.
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Mr Devlin, who was designated chairman of the bookmaker earlier this promotion code year, is likewise chairman of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay plan.
Shares in William Hill have actually been struck 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 move.
On Monday, though. William Hill shares leapt after the US Supreme Court bied far a judgment that would enable states to legalise sports wagering, opening up a big possible brand-new market to betting companies.
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William Hill Warns Prime Minister Over FOBTs Rule Change
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