Paddy Power Betfair urges decision on fixed-odds machines

1 November 2017

Betting company Paddy Power Betfair has actually expressed aggravation that a government review did not make a decision on fixed-odds betting terminals.

The company's president Breon Corcoran said the review, released on Tuesday, failed to supply "clearness".

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

Mr Corcoran has actually formerly called for the stakes to be slashed to attend to widespread social concerns.

Campaigners argue the electronic machines feed gambling addictions and can see players lose large quantities of cash really quickly.

Some had hoped the government would reduce the yohaig code ₤ 100 stake on Tuesday, but ministers decided instead to consult on a variety of alternatives.

An excellent bet? The fixed-odds debate

Mr Corcoran said on Wednesday: "We have actually sought long-term certainty and clearness. Yesterday does not provide that, but ideally we will arrive at the next stage."

The assessment closes on 23 January, but Mr Corcoran said there could be some "drift" before the federal government makes a final decision.

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

He has previously written to the federal government saying the stakes on fixed-odds devices ought to be cut to "₤ 10 or less" because the yohaig code dispute has ended up being "so harmful", according to the Financial Times, external.

The makers created more than ₤ 1.8 bn in revenue for the yohaig code industry last year, assisting to support development for bookmakers.

According to the federal government's consultation files, external, cutting the yohaig code stake to ₤ 50 would cost business ₤ 35m, however slashing it to ₤ 2 would see ₤ 639m lost over the next 10 years.

The Association of British Bookmakers said on Tuesday the onus was on the gaming market to assist cut problem betting.

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