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William Hill alerts prime minister over FOBTs guideline change
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15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookie William Hill has cautioned the prime minister his firm risks being purchased by a foreign rival if it is damaged by brand-new betting rules.
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In a letter to Theresa May, Roger Devlin said changes to the quantity that can be banked on High Street betting makers might hit jobs and earnings.
The government is anticipated to announce imminently a final choice on its review fixed-odds betting terminals.
He proposed harder guidelines on adverts and a levy to assist issue bettors.
Currently, fixed-odds betting terminals (FOBTs) permit players to stake as much as ₤ 100 every 20 seconds.
An evaluation's interim findings recommended cutting the optimal stakes to ₤ 30, but there have been reports that the amount could be cut to simply ₤ 2.
Anti-gambling advocates, who have actually called the fixed-odds makers the "fracture cocaine" of gambling, support the relocation.
Bookies, however, 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 reward cash.
Mr Devlin's letter, first reported by Sky News and seen by the BBC, said UK betting was "incredibly well controlled".
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He composed: "Sadly, I fear that your government is about to make a choice that is unnecessary and lacking in proof - a decision that will also be devastating for a retail wagering industry employing over 40,000 individuals."
"Consolidation within our sector continues and I would likewise not wish to see the impact of an out of proportion ... result being an element in the name of William Hill being included to the list of business now in foreign ownership," he said.
Mr Devlin said William Hill supported a ban on betting marketing on tv before the watershed, and a levy on the market to spend for education and treatment of problem bettors.
Mr Devlin, who was appointed chairman of the bookmaker earlier this year, is also chairman of the Persimmon, which has been racked with debate over a generous executive pay scheme.
Shares in William Hill have actually been hit hard by worries that fixed-odds stakes would be cut, falling dramatically last month on reports that the chancellor, Philip Hammond, would not oppose the move.
On Monday, however. William Hill shares jumped after the US Supreme Court handed down a judgment that would enable states to legalise sports wagering, opening a big potential new market to betting business.
High stakes for fixed-odds wagering makers
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William Hill Warns Prime Minister Over FOBTs Rule Change
lavernevessels edited this page 2025-10-18 22:47:05 +08:00