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William Hill alerts prime minister over FOBTs guideline modification
15 May 2018
ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookie William Hill has warned the prime minister his firm threats being bought by a foreign competitor if it is compromised by new betting guidelines.
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In a letter to Theresa May, Roger Devlin stated modifications to the quantity that can be banked on High Street gambling makers might strike jobs and earnings.
The federal government is expected to announce imminently a decision on its review fixed-odds betting terminals.
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He proposed harder guidelines on adverts and a levy to help issue gamblers.
Currently, fixed-odds wagering terminals (FOBTs) permit gamers to stake up to ₤ 100 every 20 seconds.
An evaluation's interim findings suggested cutting the maximum stakes to ₤ 30, but there have actually been reports that the amount could be cut to just ₤ 2.
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Anti-gambling advocates, who have actually dubbed the fixed-odds makers the yohaig code "fracture drug" of gambling, support the relocation.
Bookies, nevertheless, have alerted 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 knock-on results on the horse racing market.
'Catastrophic'
Bookmakers support horse racing through a market levy and offering cash prize.
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Mr Devlin's letter, initially reported by and seen by the BBC, said UK gambling was "very well controlled".
He composed: "Sadly, I fear that your government will decide that is unneeded and doing not have in evidence - a decision that will likewise be disastrous for a retail betting market using over 40,000 people."
"Consolidation within our sector continues and I would likewise not want to see the impact of an out of proportion ... outcome being a consider the name of William Hill being contributed to the list of business now in foreign ownership," he said.
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Mr Devlin stated William Hill supported a ban on betting advertising on tv before the yohaig code watershed, and a levy on the industry to pay for education and treatment of issue bettors.
Mr Devlin, who was designated chairman of the bookmaker previously this promotion code year, is also chairman of the housebuilder Persimmon, which has been racked with controversy over a generous executive pay plan.
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Shares in William Hill have actually been hit hard by worries that fixed-odds stakes would be cut, falling sharply last month on reports that the chancellor, Philip Hammond, would not oppose the relocation.
On Monday, however. William Hill shares leapt after the US Supreme Court handed down a judgment that would permit states to legalise sports wagering, opening a huge potential brand-new market to gambling companies.
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William Hill Warns Prime Minister Over FOBTs Rule Change
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