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William Hill cautions prime minister over FOBTs rule modification

15 May 2018

ByDominic O'Connell Today Programme Business Correspondent
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The chairman of bookie William Hill has actually cautioned the prime minister his being bought by a foreign competitor if it is weakened by brand-new wagering rules.

In a letter to Theresa May, Roger Devlin said modifications to the quantity that can be banked on High Street betting makers might strike tasks and earnings.

The federal government is anticipated to announce imminently a decision on its review fixed-odds betting terminals.
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He proposed tougher guidelines on adverts and a levy to assist problem gamblers.

Currently, fixed-odds betting terminals (FOBTs) allow gamers to stake as much as ₤ 100 every 20 seconds.
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A review's interim findings suggested cutting the optimal stakes to ₤ 30, however there have actually been reports that the quantity might be cut to just ₤ 2.

Anti-gambling advocates, who have actually called the fixed-odds machines the "crack drug" of gambling, support the move.

Bookies, however, have warned that such a cut would result in the closure of countless outlets, a big decrease in tax paid to the Treasury, and would have knock-on effects on the horse racing market.

'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, stated UK betting was "extremely well controlled".

He composed: "Sadly, I fear that your government will decide that is unneeded and lacking in evidence - a choice that will also be disastrous for a retail betting industry employing over 40,000 people."

"Consolidation within our sector continues and I would also not desire to see the impact of an out of proportion ... result being an aspect in the name of William Hill being contributed to the list of companies now in foreign ownership," he said.

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 earlier this year, is likewise chairman of the housebuilder Persimmon, which has been racked with controversy over a generous executive pay plan.
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Shares in William Hill have been struck hard by worries that fixed-odds stakes would be cut, falling sharply last month on reports that the yohaig code chancellor, Philip Hammond, would not oppose the yohaig code move.

On Monday, however. William Hill shares leapt after the US Supreme Court handed down a judgment that would enable states to legalise sports wagering, opening up a big possible new market to betting business.

High stakes for fixed-odds wagering makers
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12 May 2018

Bookmakers struck by tougher wager limit fears

24 April 2018
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Betting device wagers set for ₤ 30 limit

19 March 2018