Paddy Power Betfair prompts choice on fixed-odds makers

1 November 2017

Betting firm Paddy Power Betfair has actually revealed aggravation that a federal government evaluation did not decide on fixed-odds wagering terminals.

The firm's primary executive Breon Corcoran stated the evaluation, released on Tuesday, failed to provide "clarity".

Ministers proposed that bets on the makers be cut from an optimum of ₤ 100 a spin to somewhere in between ₤ 2 and ₤ 50.

Mr Corcoran has formerly required the stakes to be slashed to attend to widespread social issues.

Campaigners argue the electronic devices feed gambling dependencies and can see players lose big amounts of money extremely rapidly.

Some had actually hoped the government would reduce the ₤ 100 stake on Tuesday, however ministers decided instead to seek advice from on a variety of options.

An excellent bet? The fixed-odds controversy

Mr Corcoran said on Wednesday: "We have looked for long-term certainty and clarity. Yesterday does not provide that, but ideally we will arrive at the next phase."

The consultation closes on 23 January, but Mr Corcoran said there might be some "drift" before the federal government makes a decision.

Mr Corcoran was speaking as Paddy Power Betfair reported an 8% rise in maker gaming in the three months to the end of September. Group revenue increased by 9% to ₤ 440m.

He has formerly written to the government stating the stakes on fixed-odds devices need to be cut to "₤ 10 or less" due to the fact that the debate has actually ended up being "so toxic", according to the Financial Times, external.

The machines generated more than ₤ 1.8 bn in earnings for the market last year, assisting to support development for bookies.

According to the federal government's consultation files, external, cutting the stake to ₤ 50 would cost business ₤ 35m, but slashing it to ₤ 2 would see ₤ 639m lost over the next ten years.

The Association of British Bookmakers stated on Tuesday the yohaig code onus was on the gaming market to help cut problem betting.

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