William Hill warns prime minister over FOBTs guideline modification
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15 May 2018
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ByDominic O'Connell Today Programme Business Correspondent

The chairman of bookmaker William Hill has cautioned the prime minister his firm risks being bought by a foreign competitor if it is compromised by new wagering rules.

In a letter to Theresa May, Roger Devlin stated changes to the quantity that can be bet on High Street betting machines might strike jobs and revenues.

The federal government is expected to reveal imminently a last decision on its evaluation fixed-odds betting terminals.

He proposed tougher guidelines on adverts and a levy to help issue bettors.
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Currently, fixed-odds wagering terminals (FOBTs) allow gamers to stake approximately ₤ 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 might be cut to simply ₤ 2.

Anti-gambling campaigners, who have dubbed the fixed-odds makers the yohaig code "fracture drug" of gambling, support the relocation.
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Bookies, however, have actually alerted that such a cut would lead to the closure of countless outlets, a big reduction in tax paid to the Treasury, and would have ripple effects on the yohaig code horse racing market.

'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 "extremely well managed".

He composed: "Sadly, I fear that your government will make a choice that is unnecessary and doing not have in proof - a choice that will likewise be devastating for a retail betting industry employing over 40,000 people."

"Consolidation within our sector continues and I would likewise not desire to see the effect 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 stated.
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Mr Devlin said William Hill supported a restriction on gambling advertising on television before the watershed, and a levy on the industry to pay for education and treatment of problem gamblers.
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Mr Devlin, who was selected chairman of the bookmaker previously this year, is likewise 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 struck hard by fears that fixed-odds stakes would be cut, falling greatly last month on reports that the chancellor, Philip Hammond, would not oppose the move.
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On Monday, however. William Hill shares leapt after the US Supreme Court bied far a judgment that would allow states to legalise sports wagering, opening a big new market to gambling companies.

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