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William Hill alerts prime minister over FOBTs rule modification
15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
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the yohaig code chairman of bookmaker William Hill has warned the prime minister his firm dangers being bought by a foreign rival if it is compromised by new wagering rules.
In a letter to Theresa May, Roger Devlin said modifications to the amount that can be banked on High Street gambling devices might strike jobs and revenues.
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The federal government is expected to reveal imminently a final decision on its evaluation fixed-odds betting terminals.
He proposed harder guidelines on adverts and a levy to help issue bettors.
Currently, fixed-odds betting terminals (FOBTs) allow players to stake as much as ₤ 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 could be cut to just ₤ 2.
Anti-gambling campaigners, who have actually dubbed the fixed-odds machines the "fracture drug" of gaming, support the yohaig code move.
Bookies, however, have alerted that such a cut would result in the closure of thousands of outlets, a huge reduction in tax paid to the Treasury, and would have ripple effects on the horse racing market.
'Catastrophic'
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Bookmakers support horse racing through an industry levy and offering reward money.
Mr Devlin's letter, first reported by Sky News and seen by the BBC, stated UK gaming was "very well managed".
He wrote: "Sadly, I fear that your federal government will decide that is unneeded and lacking in evidence - a decision that will also be catastrophic for a retail betting market employing over 40,000 individuals."
"Consolidation within our sector continues and I would also not want to see the effect of a disproportionate ... outcome being a consider the name of William Hill being included to the list of business now in foreign ownership," he stated.
Mr Devlin stated William Hill supported a ban on gambling advertising on television before the watershed, and a levy on the industry to spend for education and treatment of problem gamblers.
Mr Devlin, who was selected chairman of the bookmaker previously this promotion code 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 hit hard by fears that fixed-odds stakes would be cut, falling greatly last month on that the chancellor, Philip Hammond, would not oppose the move.
On Monday, however. William Hill shares jumped after the yohaig code US Supreme Court handed down a ruling that would permit states to legalise sports wagering, opening up a huge possible new market to gambling companies.
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Sidan "William Hill Warns Prime Minister Over FOBTs Rule Change"
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