William Hill cautions prime minister over FOBTs guideline modification

15 May 2018

ByDominic O'Connell Today Programme Business Correspondent
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The of bookie William Hill has alerted the prime minister his firm dangers being bought by a foreign rival if it is weakened by new wagering guidelines.

In a letter to Theresa May, Roger Devlin stated changes to the amount that can be wagered on High Street gambling machines might hit jobs and earnings.

The government is anticipated to announce imminently a final decision on its review fixed-odds wagering terminals.

He proposed tougher guidelines on adverts and a levy to help problem bettors.
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Currently, fixed-odds betting terminals (FOBTs) allow gamers to stake as much as ₤ 100 every 20 seconds.

A review's interim findings recommended cutting the optimal stakes to ₤ 30, but there have actually been reports that the quantity could be cut to simply ₤ 2.

Anti-gambling advocates, who have actually dubbed the fixed-odds machines the "fracture cocaine" of betting, support the relocation.
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Bookies, nevertheless, have actually warned that such a cut would lead to the closure of thousands of outlets, a big reduction in tax paid to the Treasury, and would have knock-on effects on the horse racing industry.

'Catastrophic'

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

Mr Devlin's letter, initially reported by Sky News and seen by the BBC, said UK betting was "incredibly well controlled".

He composed: "Sadly, I fear that your federal government will decide that is unneeded and doing not have in proof - a choice that will likewise be devastating for a retail wagering market using over 40,000 individuals."

"Consolidation within our sector continues and I would also not wish to see the impact of a disproportionate ... result being a consider the name of William Hill being added to the list of business now in foreign ownership," he said.

Mr Devlin stated William Hill supported a restriction on betting advertising on tv before the watershed, and a levy on the industry to pay for education and treatment of issue gamblers.

Mr Devlin, who was designated chairman of the bookmaker previously this promotion code year, is also chairman of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay plan.
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Shares in William Hill have been hit hard by worries that fixed-odds stakes would be cut, falling greatly last month on reports that the chancellor, Philip Hammond, would not oppose the move.
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On Monday, though. William Hill shares jumped after the US Supreme Court handed down a ruling that would permit states to legalise sports betting, opening a huge possible brand-new market to betting business.

High stakes for fixed-odds wagering devices
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12 May 2018

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