william-hill-warns-prime-minister-over-fobts-rule-change

William Hill cautions prime minister over FOBTs guideline change
bet9ja.com
15 May 2018

ByDominic O'Connell Today Programme Business Correspondent

The chairman of bookmaker William Hill has actually cautioned the prime minister his firm dangers being bought by a foreign competitor if it is weakened by brand-new betting rules.

In a letter to Theresa May, Roger Devlin said modifications to the amount that can be bet on High Street gambling makers might hit jobs and earnings.

The government is expected to announce imminently a final choice on its evaluation fixed-odds betting terminals.
bit.ly
He proposed tougher guidelines on adverts and a levy to assist problem gamblers.

Currently, fixed-odds betting terminals (FOBTs) permit gamers to stake approximately ₤ 100 every 20 seconds.

An evaluation's interim findings suggested cutting the optimal stakes to ₤ 30, but there have actually been reports that the quantity could be cut to just ₤ 2.

Anti-gambling advocates, who have actually called the fixed-odds devices the "fracture cocaine" of gambling, support the move.
bet9ja.com
Bookies, nevertheless, have cautioned 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.
bet9ja.com
'Catastrophic'

Bookmakers support horse racing through a market levy and offering cash prize.

Mr Devlin's letter, first reported by Sky News and seen by the BBC, stated UK gambling was "very well managed".

He wrote: "Sadly, I fear that your federal government is about to decide that is unneeded and doing not have in proof - a choice that will likewise be devastating for a retail betting market utilizing over 40,000 people."
bet9ja.com
"Consolidation within our sector continues and I would also not want to see the impact of a disproportionate ... outcome being a consider the name of William Hill being added to the list of business now in foreign ownership," he said.
bit.ly
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 problem bettors.
bet9ja.com
Mr Devlin, who was designated chairman of the bookmaker previously this year, is also chairman of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay plan.
bit.ly
Shares in have actually been hit hard by worries that fixed-odds stakes would be cut, falling sharply last month on reports that the chancellor, Philip Hammond, would not oppose the relocation.
bit.ly
On Monday, though. William Hill shares leapt after the US Supreme Court bied far a ruling that would allow states to legalise sports betting, opening a big potential new market to gambling business.

High stakes for fixed-odds betting makers

12 May 2018

Bookmakers hit by harder wager limitation fears

24 April 2018

Betting machine wagers set for ₤ 30 limit

19 March 2018