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William Hill warns prime minister over FOBTs guideline change
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15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookie William Hill has actually cautioned the yohaig code prime minister his firm risks being purchased by a foreign competitor if it is weakened by new wagering rules.
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In a letter to Theresa May, Roger Devlin said changes to the quantity that can be bet on High Street gambling machines could strike tasks and earnings.
The federal government is anticipated to announce a decision on its review fixed-odds betting terminals.
He proposed harder rules on adverts and a levy to assist problem bettors.
Currently, fixed-odds wagering terminals (FOBTs) enable gamers to stake as much as ₤ 100 every 20 seconds.
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An evaluation's interim findings recommended cutting the optimal stakes to ₤ 30, however there have actually been reports that the amount could be cut to just ₤ 2.
Anti-gambling campaigners, who have dubbed the fixed-odds makers the "fracture drug" of gambling, support the relocation.
Bookies, nevertheless, have 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 prize cash.
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Mr Devlin's letter, first reported by Sky News and seen by the BBC, said UK gaming was "very well regulated".
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He composed: "Sadly, I fear that your government is about to make a choice that is unnecessary and doing not have in proof - a decision that will likewise be devastating for a retail wagering market employing over 40,000 individuals."
"Consolidation within our sector continues and I would also not wish to see the impact 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.
Mr Devlin stated William Hill supported a ban on betting marketing on tv before the watershed, and a levy on the yohaig code market to pay for education and treatment of problem gamblers.
Mr Devlin, who was selected chairman of the bookie previously this promotion code year, is also chairman of the housebuilder Persimmon, which has been racked with debate over a generous executive pay plan.
Shares in William Hill have 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.
On Monday, though. William Hill shares jumped after the US Supreme Court bied far a judgment that would permit states to legalise sports betting, opening up a big possible new market to betting companies.
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William Hill Warns Prime Minister Over FOBTs Rule Change
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