William Hill cautions prime minister over FOBTs guideline modification

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

The chairman of bookie William Hill has actually cautioned the prime minister his firm threats being purchased by a foreign competitor if it is weakened by new wagering guidelines.

In a letter to Theresa May, Roger Devlin stated modifications to the amount that can be bet on High Street betting makers could strike tasks and revenues.

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

He proposed harder guidelines on adverts and a levy to assist problem gamblers.

Currently, fixed-odds wagering terminals (FOBTs) enable gamers to stake up to ₤ 100 every 20 seconds.

A review's interim findings recommended cutting the optimal stakes to ₤ 30, however there have been reports that the yohaig code amount might be cut to just ₤ 2.

Anti-gambling advocates, who have dubbed the fixed-odds makers the yohaig code "crack cocaine" of gaming, support the relocation.

Bookies, nevertheless, have actually warned that such a cut would result in the closure of countless outlets, a big decrease in tax paid to the yohaig code Treasury, and would have ripple effects on the horse racing industry.

'Catastrophic'

Bookmakers support horse racing through an industry levy and offering cash prize.

Mr Devlin's letter, initially reported by Sky News and seen by the BBC, said UK gambling was "extremely well managed".

He wrote: "Sadly, I fear that your federal government is about to decide that is unneeded and lacking in evidence - a decision that will likewise be catastrophic for a retail betting market employing over 40,000 individuals."

"Consolidation within our sector continues and I would also not wish to see the impact of a disproportionate ... outcome being an aspect in the name of William Hill being included to the list of business now in foreign ownership," he stated.

Mr Devlin stated William Hill supported a ban on gambling marketing on television 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 chairman of the yohaig code housebuilder Persimmon, which has actually been racked with debate 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, however. William Hill shares jumped after the US Supreme Court bied far a judgment that would permit states to legalise sports wagering, opening up a big potential new market to gambling companies.

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