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William Hill cautions prime minister over FOBTs guideline modification
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15 May 2018
ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookmaker William Hill has warned the prime minister his firm risks being purchased by a foreign rival if it is compromised by brand-new betting rules.
In a letter to Theresa May, Roger Devlin stated changes to the quantity that can be bet on High Street gambling devices might hit tasks and earnings.
The federal government is expected to announce imminently a decision on its review fixed-odds betting terminals.
He proposed harder guidelines on adverts and a levy to help problem bettors.
Currently, fixed-odds betting terminals (FOBTs) permit gamers to stake approximately ₤ 100 every 20 seconds.
An evaluation's interim findings suggested cutting the optimal stakes to ₤ 30, but there have been reports that the might be cut to simply ₤ 2.
Anti-gambling advocates, who have actually called the fixed-odds devices the "fracture cocaine" of betting, support the move.
Bookies, nevertheless, have actually cautioned that such a cut would lead to the closure of thousands of outlets, a big reduction in tax paid to the yohaig code Treasury, and would have ripple effects on the horse racing industry.
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'Catastrophic'
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Bookmakers support horse racing through a market levy and offering prize cash.
Mr Devlin's letter, first reported by Sky News and seen by the BBC, stated UK gaming was "very well regulated".
He wrote: "Sadly, I fear that your federal government is about to decide that is unneeded and lacking in evidence - a choice that will likewise be disastrous for a retail betting market using over 40,000 individuals."
"Consolidation within our sector continues and I would also not desire to see the impact of a disproportionate ... outcome being a consider the name of William Hill being contributed to the list of business now in foreign ownership," he stated.
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Mr Devlin said William Hill supported a ban on gambling marketing on tv before the watershed, and a levy on the market to pay for education and treatment of issue bettors.
Mr Devlin, who was appointed chairman of the bookmaker previously this promotion code year, is likewise chairman of the housebuilder Persimmon, which has been racked with debate 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 relocation.
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On Monday, though. 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 potential brand-new market to betting companies.
High stakes for fixed-odds wagering devices
12 May 2018
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Betting machine wagers set for ₤ 30 limit
19 March 2018
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William Hill Warns Prime Minister Over FOBTs Rule Change
calliemacmahon edited this page 2025-09-21 23:36:17 +00:00