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William Hill alerts prime minister over FOBTs guideline change

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

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

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

The government is anticipated to reveal imminently a final choice on its review fixed-odds betting terminals.

He proposed harder guidelines on adverts and a levy to assist issue gamblers.

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

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

Anti-gambling campaigners, who have actually called the fixed-odds devices the "crack cocaine" of betting, support the move.

Bookies, nevertheless, have actually warned that such a cut would lead to the closure of thousands of outlets, a huge decrease in tax paid to the Treasury, and would have ripple effects on the horse racing market.

'Catastrophic'

Bookmakers support horse racing through an industry levy and offering reward cash.

Mr Devlin's letter, initially reported by Sky News and seen by the yohaig code BBC, stated UK gaming was "incredibly well managed".

He composed: "Sadly, I fear that your government will make a choice that is unneeded and lacking in evidence - a decision that will also be devastating for a retail wagering industry employing over 40,000 individuals."

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

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

Mr Devlin, who was selected chairman of the bookie previously this year, is also chairman of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay scheme.

Shares in William Hill have been struck hard by fears that fixed-odds stakes would be cut, falling dramatically 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 bied far a judgment that would permit states to legalise sports betting, opening a huge potential brand-new market to betting business.

High stakes for fixed-odds betting devices

12 May 2018

Bookmakers struck by harder wager limit fears

24 April 2018

Betting device wagers set for ₤ 30 limitation

19 March 2018

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