William Hill Warns Prime Minister Over FOBTs Rule Change

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William Hill warns prime minister over FOBTs rule change

15 May 2018

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ByDominic O'Connell
Today Programme Business Correspondent

The chairman of bookie William Hill has alerted the prime minister his firm dangers being bought by a foreign competitor if it is deteriorated by brand-new wagering guidelines.

In a letter to Theresa May, Roger Devlin stated modifications to the quantity that can be wagered on High Street betting makers might hit jobs and earnings.

The federal government is anticipated to announce imminently a final choice on its evaluation fixed-odds betting terminals.

He proposed harder rules on adverts and a levy to help issue gamblers.

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

A review's interim findings recommended cutting the maximum stakes to ₤ 30, however there have been reports that the amount could be cut to just ₤ 2.

Anti-gambling campaigners, who have actually dubbed the fixed-odds machines the "crack cocaine" of gambling, support the relocation.

Bookies, nevertheless, have actually alerted that such a cut would lead to the closure of thousands of outlets, a huge decrease in tax paid to the Treasury, and would have ripple effects on the horse racing industry.

'Catastrophic'

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

Mr Devlin's letter, initially reported by Sky News and seen by the yohaig code BBC, stated UK gaming was "extremely well regulated".

He composed: "Sadly, I fear that your federal government will make a choice that is unnecessary and doing not have in proof - a choice that will also be catastrophic for a retail wagering market utilizing over 40,000 people."

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

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

Mr Devlin, who was selected chairman of the bookie earlier this promotion code year, is also chairman of the housebuilder Persimmon, which has actually been racked with debate over a generous executive pay plan.

Shares in William Hill have actually 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 handed down a ruling that would allow states to legalise sports wagering, opening up a big possible new market to betting business.