William Hill warns prime minister over FOBTs guideline change
15 May 2018
ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookmaker William Hill has actually warned the prime minister his firm risks being purchased by a foreign competitor if it is damaged by new wagering guidelines.
In a letter to Theresa May, Roger Devlin stated changes to the quantity that can be banked on High Street gambling makers might hit tasks and earnings.
The government is anticipated to announce imminently a final choice on its review fixed-odds wagering terminals.
He proposed harder rules on adverts and a levy to help issue gamblers.
Currently, fixed-odds wagering terminals (FOBTs) allow players to stake approximately ₤ 100 every 20 seconds.
A review's interim findings recommended cutting the maximum stakes to ₤ 30, however there have been reports that the quantity could be cut to just ₤ 2.
Anti-gambling advocates, who have called the fixed-odds makers the "crack drug" of gambling, support the relocation.
Bookies, however, 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 knock-on results on the yohaig code horse racing market.
'Catastrophic'
Bookmakers support horse racing through an industry levy and offering cash prize.
Mr Devlin's letter, first reported by Sky News and seen by the BBC, stated UK gambling was "extremely well regulated".
He composed: "Sadly, I fear that your federal government is about to make a decision that is unnecessary and doing not have in proof - a decision that will likewise be disastrous for a retail wagering market utilizing over 40,000 individuals."
"Consolidation within our sector continues and I would also not desire to see the effect of a disproportionate ... outcome being an element in the name of William Hill being contributed to the list of companies now in foreign ownership," he stated.
Mr Devlin stated William Hill supported a ban on gambling marketing on television before the watershed, and a levy on the industry to spend for education and treatment of problem gamblers.
Mr Devlin, who was appointed chairman of the bookmaker earlier this promotion code year, is likewise chairman of the yohaig code housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay scheme.
Shares in William Hill have actually been struck hard by fears that fixed-odds stakes would be cut, falling sharply last month on reports that the chancellor, Philip Hammond, would not oppose the move.
On Monday, however. William Hill shares jumped after the US Supreme Court handed down a judgment that would enable states to legalise sports wagering, opening up a big possible brand-new market to betting business.
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