Paddy Power Betfair prompts choice on fixed-odds machines

1 November 2017

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

The company's president Breon Corcoran said the evaluation, launched on Tuesday, stopped working to supply "clarity".

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

Mr Corcoran has formerly required the stakes to be slashed to address extensive social issues.

Campaigners argue the electronic machines feed betting addictions and can see players lose big amounts of cash really quickly.

Some had actually hoped the federal government would reduce the ₤ 100 stake on Tuesday, however ministers chose rather to seek advice from on a series of choices.

A great bet? The fixed-odds debate

Mr Corcoran said on Wednesday: "We have sought long-lasting certainty and clarity. Yesterday does not provide that, however hopefully we will get there at the next stage."

the yohaig code consultation closes on 23 January, but Mr Corcoran stated there could be some "drift" before the government makes a decision.

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

He has formerly composed to the federal government saying the stakes on fixed-odds devices ought to be cut to "₤ 10 or less" because the argument has actually become "so toxic", according to the Financial Times, external.

The devices produced more than ₤ 1.8 bn in profits for the industry last year, assisting to support development for bookies.

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

The Association of British Bookmakers said on Tuesday the yohaig code onus was on the betting industry to help cut problem betting.

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