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William Hill cautions prime minister over FOBTs rule change
15 May 2018
ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookie William Hill has cautioned the prime minister his firm risks being bought by a foreign rival if it is damaged by new betting guidelines.
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In a letter to Theresa May, Roger Devlin stated modifications to the amount that can be wagered on High Street gambling devices could strike tasks and .
The government is expected to reveal imminently a decision on its evaluation fixed-odds wagering terminals.
He proposed harder guidelines on adverts and a levy to help problem bettors.
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Currently, fixed-odds wagering terminals (FOBTs) permit gamers to stake approximately ₤ 100 every 20 seconds.
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A review's interim findings recommended cutting the optimal stakes to ₤ 30, however there have been reports that the amount might be cut to just ₤ 2.
Anti-gambling advocates, who have dubbed the fixed-odds machines the "crack drug" of gaming, support the relocation.
Bookies, however, have actually warned 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.
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'Catastrophic'
Bookmakers support horse racing through an industry levy and offering prize cash.
Mr Devlin's letter, first reported by Sky News and seen by the BBC, said UK betting was "incredibly well regulated".
He wrote: "Sadly, I fear that your federal government will decide that is unneeded and lacking in evidence - a choice that will likewise be devastating for a retail wagering market using over 40,000 people."
"Consolidation within our sector continues and I would also not wish to see the effect of a disproportionate ... outcome being a consider the name of William Hill being contributed to the list of companies now in foreign ownership," he said.
Mr Devlin stated William Hill supported a restriction on gambling marketing on television before the watershed, and a levy on the industry to pay for education and treatment of issue bettors.
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Mr Devlin, who was appointed chairman of the bookie earlier this promotion code year, is also chairman of the housebuilder Persimmon, which has actually been racked with debate over a generous executive pay plan.
Shares in William Hill have actually been hit hard by fears that fixed-odds stakes would be cut, falling dramatically last month on reports that the yohaig code chancellor, Philip Hammond, would not oppose the yohaig code relocation.
On Monday, though. William Hill shares leapt after the US Supreme Court handed down a judgment that would enable states to legalise sports wagering, opening a big possible new market to betting companies.
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High stakes for fixed-odds wagering makers
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William Hill Warns Prime Minister Over FOBTs Rule Change
joelgatenby043 edited this page 2025-10-21 11:36:55 +02:00