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William Hill alerts prime minister over FOBTs rule modification
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15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookmaker William Hill has alerted the prime minister his firm dangers being purchased by a foreign rival if it is deteriorated by brand-new betting guidelines.
In a letter to Theresa May, Roger Devlin said modifications to the amount that can be banked on High Street gambling makers could hit tasks and profits.
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the yohaig code government is anticipated to reveal imminently a last decision on its review fixed-odds wagering terminals.
He proposed tougher guidelines on adverts and a levy to assist problem gamblers.
Currently, fixed-odds wagering terminals (FOBTs) permit players to stake as much as ₤ 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 just ₤ 2.
Anti-gambling campaigners, who have dubbed the fixed-odds makers the "fracture cocaine" of betting, support the yohaig code relocation.
Bookies, however, have actually alerted that such a cut would lead to the closure of countless outlets, a huge decrease in tax paid to the Treasury, and would have ripple effects on the horse racing market.
'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, said UK gaming was "very well regulated".
He wrote: "Sadly, I fear that your government will decide that is unneeded and doing not have in evidence - a decision that will likewise be catastrophic for a retail wagering market utilizing over 40,000 individuals."
"Consolidation within our sector continues and I would likewise not desire to see the impact of an out of proportion ... result being a factor in the yohaig code name of William Hill being added to the yohaig code list of companies now in foreign ownership," he said.
Mr Devlin said William Hill supported a restriction on betting marketing on tv before the watershed, and a levy on the industry to pay for education and treatment of problem gamblers.
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Mr Devlin, who was appointed chairman of the bookmaker earlier this promotion code year, is also chairman of the housebuilder Persimmon, which has been racked with debate over a generous executive pay scheme.
Shares in William Hill have been hit 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, however. William Hill shares leapt after the US Supreme Court handed down a ruling that would allow states to legalise sports wagering, opening up a big potential brand-new market to betting business.
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William Hill Warns Prime Minister Over FOBTs Rule Change
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