William Hill warns prime minister over FOBTs guideline modification
15 May 2018
ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookie William Hill has actually alerted the prime minister his firm dangers being purchased by a foreign competitor if it is damaged by brand-new wagering rules.
In a letter to Theresa May, Roger Devlin stated modifications to the quantity that can be banked on High Street betting machines might strike jobs and profits.
The federal government is expected to announce imminently a final choice on its evaluation fixed-odds betting terminals.
He proposed tougher rules on adverts and a levy to help problem bettors.
Currently, fixed-odds wagering terminals (FOBTs) enable gamers to stake as much as ₤ 100 every 20 seconds.
A review's interim findings suggested cutting the maximum stakes to ₤ 30, however there have actually been reports that the quantity might be cut to just ₤ 2.
Anti-gambling advocates, who have actually called the fixed-odds machines the "fracture cocaine" of gaming, support the move.
Bookies, nevertheless, have actually cautioned that such a cut would result in the closure of countless outlets, a big decrease in tax paid to the Treasury, and would have knock-on effects on the horse racing market.
'Catastrophic'
Bookmakers support horse racing through an industry levy and offering cash prize.
Mr Devlin's letter, initially reported by Sky News and seen by the BBC, said UK betting was "extremely well regulated".
He wrote: "Sadly, I fear that your government will decide that is unneeded and doing not have in proof - a decision that will likewise be disastrous for a retail wagering market using over 40,000 people."
"Consolidation within our sector continues and I would also not desire to see the impact of an out of proportion ... outcome being an aspect in the name of William Hill being contributed to the list of business 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 spend for education and treatment of problem gamblers.
Mr Devlin, who was selected chairman of the bookmaker previously this promotion code year, is likewise chairman of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay scheme.
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 move.
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 big potential new market to gambling business.
High stakes for fixed-odds betting devices
12 May 2018
Bookmakers hit by tougher wager limit fears
24 April 2018
Betting machine wagers set for ₤ 30 limit
19 March 2018
