William Hill warns prime minister over FOBTs rule modification
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 brand-new betting rules.
In a letter to Theresa May, Roger Devlin said modifications to the quantity that can be banked on High Street gambling machines could hit tasks and revenues.
The government is expected to reveal imminently a decision on its review fixed-odds wagering terminals.
He proposed tougher guidelines on adverts and a levy to assist problem gamblers.
Currently, fixed-odds betting terminals (FOBTs) enable gamers to stake as much as ₤ 100 every 20 seconds.
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A review's interim findings recommended cutting the optimal stakes to ₤ 30, however there have actually been reports that the quantity could be cut to simply ₤ 2.
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Anti-gambling advocates, who have called the yohaig code fixed-odds makers the "crack cocaine" of betting, support the move.
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Bookies, however, have warned that such a cut would result in the closure of thousands of outlets, a huge decrease in tax paid to the Treasury, and would have knock-on impacts on the horse racing industry.
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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, said UK betting was "very well regulated".
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He wrote: "Sadly, I fear that your government will decide that is unnecessary and doing not have in evidence - a decision that will likewise be catastrophic for a retail betting industry using over 40,000 individuals."
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"Consolidation within our sector continues and I would also not want to see the impact 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 said.
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Mr Devlin said William Hill supported a restriction on betting advertising on television before the watershed, and a levy on the industry to spend for education and treatment of issue bettors.
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Mr Devlin, who was selected chairman of the bookmaker earlier this promotion code year, is also chairman of the housebuilder Persimmon, which has been racked with controversy over a generous executive pay plan.
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 jumped after the US bied far a judgment that would enable states to legalise sports betting, opening up a big possible new market to gambling companies.
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William Hill Warns Prime Minister Over FOBTs Rule Change
aidenmanjarrez edited this page 2025-10-22 10:24:54 +00:00