William Hill Warns Prime Minister Over FOBTs Rule Change

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William Hill warns 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 alerted the prime minister his firm dangers being bought by a foreign competitor if it is deteriorated by brand-new wagering guidelines.

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

The government is expected to reveal imminently a last choice on its review fixed-odds betting terminals.

He proposed tougher rules on adverts and a levy to help issue gamblers.

Currently, fixed-odds betting terminals (FOBTs) enable players to stake approximately ₤ 100 every 20 seconds.

An evaluation's interim findings suggested cutting the optimal stakes to ₤ 30, however there have been reports that the quantity could be cut to simply ₤ 2.

Anti-gambling campaigners, who have actually dubbed the fixed-odds makers the "crack cocaine" of betting, support the move.

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

'Catastrophic'

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

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

He wrote: "Sadly, I fear that your government will decide that is unnecessary and lacking in proof - a choice that will also be devastating for a retail betting market utilizing over 40,000 people."

"Consolidation within our sector continues and I would also not wish to see the effect of a disproportionate ... outcome being an element in the name of William Hill being added to the list of companies now in foreign ownership," he said.

Mr Devlin said William Hill supported a ban on gambling advertising on tv before the watershed, and a levy on the yohaig code market to spend for education and treatment of issue gamblers.

Mr Devlin, who was appointed chairman of the bookmaker earlier this promotion code year, is also chairman of the housebuilder Persimmon, which has actually been racked with controversy over a generous executive pay scheme.

Shares in William Hill have actually been hit hard by worries that fixed-odds stakes would be cut, falling greatly last month on reports that the chancellor, Philip Hammond, would not oppose the yohaig code relocation.

On Monday, however. William Hill shares jumped after the US Supreme Court bied far a ruling that would enable states to legalise sports betting, opening up a big prospective new market to gambling business.