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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 deteriorated by brand-new wagering rules.

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

the yohaig code government is expected to announce imminently a decision on its review fixed-odds betting terminals.

He proposed tougher guidelines on adverts and a levy to assist problem bettors.

Currently, fixed-odds wagering terminals (FOBTs) enable players to stake as much as ₤ 100 every 20 seconds.

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

Anti-gambling advocates, who have actually called the fixed-odds devices the "crack cocaine" of gaming, support the relocation.

Bookies, nevertheless, have actually warned that such a cut would lead to the closure of countless outlets, a big reduction 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 cash prize.

Mr Devlin's letter, first reported by Sky News and seen by the BBC, stated UK gaming was "incredibly well controlled".

He wrote: "Sadly, I fear that your federal government is about to make a decision that is unneeded and doing not have in proof - a choice that will also be disastrous for a retail betting industry utilizing over 40,000 individuals."

"Consolidation within our sector continues and I would also not desire to see the effect of an out of proportion ... outcome being an element in the name of William Hill being added to the list of companies now in foreign ownership," he stated.

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

Mr Devlin, who was appointed chairman of the bookmaker earlier this promotion code year, is likewise chairman of the housebuilder Persimmon, which has 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 dramatically last month on reports that the yohaig code chancellor, Philip Hammond, would not oppose the move.

On Monday, however. William Hill shares leapt after the US Supreme Court bied far a ruling that would permit states to legalise sports betting, opening up a big potential new market to betting business.

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