William Hill Warns Prime Minister Over FOBTs Rule Change
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William Hill cautions prime minister over FOBTs guideline change
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15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
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The chairman of bookmaker William Hill has alerted the prime minister his firm risks being bought by a foreign competitor if it is damaged by brand-new wagering rules.
In a letter to Theresa May, Roger Devlin stated changes to the amount that can be banked on High Street gambling machines could hit tasks and earnings.
The government is anticipated to announce imminently a decision on its review fixed-odds wagering terminals.
He proposed harder rules on adverts and a levy to assist problem bettors.
Currently, fixed-odds betting terminals (FOBTs) enable gamers to stake approximately ₤ 100 every 20 seconds.
A review's interim findings suggested cutting the maximum stakes to ₤ 30, but there have actually been reports that the yohaig code amount might be cut to simply ₤ 2.
Anti-gambling campaigners, who have actually called the fixed-odds devices the "crack drug" of betting, support the move.
Bookies, however, have actually cautioned that such a cut would result in the closure of countless outlets, a big decrease in tax paid to the Treasury, and would have ripple effects on the horse racing market.
'Catastrophic'
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Bookmakers support horse racing through an industry levy and offering cash prize.
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Mr Devlin's letter, initially reported by Sky News and seen by the BBC, said UK betting was "exceptionally well regulated".
He composed: "Sadly, I fear that your federal government will make a choice that is unneeded and doing not have in evidence - a choice that will likewise be devastating for a retail wagering industry utilizing over 40,000 individuals."
"Consolidation within our sector continues and I would also not desire to see the effect of an out of proportion ... outcome being a consider the name of William Hill being added to the list of business now in foreign ownership," he stated.
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Mr Devlin stated William Hill supported a restriction on gambling advertising on tv before the watershed, and a levy on the industry to pay for education and treatment of issue gamblers.
Mr Devlin, who was designated chairman of the bookie previously this promotion code year, is likewise of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay scheme.
Shares in William Hill have been hit 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.
On Monday, though. William Hill shares jumped after the US Supreme Court bied far a ruling that would enable states to legalise sports wagering, opening up a huge potential brand-new market to gambling business.
High stakes for fixed-odds wagering makers
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