William Hill warns prime minister over FOBTs guideline change

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

The chairman of bookie William Hill has actually cautioned the yohaig code prime minister his firm threats being bought by a foreign competitor if it is deteriorated by new wagering guidelines.

In a letter to Theresa May, Roger Devlin stated modifications to the amount that can be banked on High Street gambling makers could strike tasks and earnings.

The federal government is expected to announce imminently a final decision on its review fixed-odds betting terminals.

He proposed harder guidelines on adverts and a levy to help problem bettors.

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

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

Anti-gambling campaigners, who have actually called the fixed-odds devices the "fracture drug" of gambling, support the relocation.

Bookies, however, have warned that such a cut would result in the closure of thousands of outlets, a huge decrease in tax paid to the Treasury, and would have knock-on effects on the yohaig code 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 yohaig code BBC, stated UK gambling was "incredibly well controlled".

He wrote: "Sadly, I fear that your government will decide that is unnecessary and doing not have in proof - a decision that will also be devastating for a retail betting industry employing over 40,000 individuals."

"Consolidation within our sector continues and I would likewise not wish to see the impact of an out of proportion ... outcome being a consider the name of William Hill being added to the list of companies now in foreign ownership," he stated.

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

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

Shares in William Hill have actually 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 relocation.

On Monday, however. William Hill shares leapt after the US Supreme Court handed down a judgment that would allow states to legalise sports wagering, opening a big possible brand-new market to gambling business.

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