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William Hill warns prime minister over FOBTs guideline change
15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookmaker William Hill has alerted the prime minister his firm risks being purchased by a foreign competitor if it is weakened by new betting rules.
In a letter to Theresa May, Roger Devlin said changes to the amount that can be bet on High Street betting devices could strike tasks and revenues.
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The government is expected to announce imminently a last choice on its evaluation fixed-odds wagering terminals.
He proposed harder guidelines on adverts and a levy to help problem gamblers.
Currently, fixed-odds betting terminals (FOBTs) allow gamers to stake as much as ₤ 100 every 20 seconds.
An evaluation's interim findings suggested cutting the maximum stakes to ₤ 30, but there have actually been reports that the quantity could be cut to just ₤ 2.
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Anti-gambling campaigners, who have actually called the fixed-odds machines the "fracture drug" of gaming, support the move.
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Bookies, however, have alerted that such a cut would result in the closure of countless outlets, a huge reduction in tax paid to the yohaig code Treasury, and would have ripple effects on the horse racing market.
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'Catastrophic'
Bookmakers support horse racing through a market levy and offering cash prize.
Mr Devlin's letter, initially reported by Sky News and seen by the BBC, stated UK gaming was "very well controlled".
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He wrote: "Sadly, I fear that your government will decide that is unnecessary and doing not have in evidence - a choice that will also be devastating for a retail wagering industry utilizing over 40,000 people."
"Consolidation within our sector continues and I would also not wish to see the impact of an out of proportion ... result being a consider the name of William Hill being included to the list of companies now in foreign ownership," he said.
Mr Devlin stated William Hill supported a restriction on gambling marketing on tv before the watershed, and a levy on the market to spend for education and treatment of problem gamblers.
Mr Devlin, who was of the bookmaker earlier this promotion code year, is likewise chairman of the housebuilder Persimmon, which has been racked with debate over a generous executive pay plan.
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Shares in William Hill have 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 move.
On Monday, though. William Hill shares leapt after the US Supreme Court handed down a ruling that would enable states to legalise sports betting, opening up a huge prospective brand-new market to gambling companies.
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William Hill Warns Prime Minister Over FOBTs Rule Change
michellewatkin edited this page 2025-10-20 05:12:49 +02:00