william-hill-warns-prime-minister-over-fobts-rule-change

William Hill cautions prime minister over FOBTs guideline modification

15 May 2018

ByDominic O'Connell Today Programme Business Correspondent
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The chairman of bookie William Hill has actually cautioned the prime minister his firm threats being bought by a foreign competitor if it is deteriorated by new betting guidelines.

In a letter to Theresa May, Roger Devlin said modifications to the amount that can be bet on High Street gambling devices might hit jobs and profits.

The government is expected to announce imminently a decision on its review fixed-odds wagering terminals.
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He proposed tougher rules on adverts and a levy to assist issue gamblers.
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Currently, fixed-odds wagering terminals (FOBTs) enable gamers to stake approximately ₤ 100 every 20 seconds.
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A review's interim findings suggested cutting the yohaig code optimal stakes to ₤ 30, however there have actually been reports that the amount might be cut to just ₤ 2.

Anti-gambling advocates, who have called the fixed-odds devices the "crack drug" of gaming, support the relocation.
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Bookies, nevertheless, have actually alerted that such a cut would lead to the closure of thousands of outlets, a big decrease in tax paid to the Treasury, and would have ripple effects on the horse racing industry.

'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, said UK gaming was "incredibly well managed".

He wrote: "Sadly, I fear that your government will decide that is unnecessary and doing not have in evidence - a decision that will likewise be disastrous for a retail wagering industry employing over 40,000 people."

"Consolidation within our sector continues and I would also not wish to see the impact of an out of proportion ... outcome being an aspect in the name of William Hill being included to the list of companies now in foreign ownership," he stated.
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Mr Devlin said William Hill supported a restriction on gambling advertising on tv before the watershed, and a levy on the yohaig code market to pay for education and treatment of issue gamblers.

Mr Devlin, who was appointed chairman of the bookmaker earlier this promotion code year, is also chairman of the yohaig code housebuilder Persimmon, which has been racked with debate over a generous executive pay plan.

Shares in William Hill have actually 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 relocation.
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On Monday, however. William Hill shares jumped after the US Supreme Court bied far a ruling that would permit states to legalise sports wagering, opening up a big potential brand-new market to gambling business.

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