William Hill cautions prime minister over FOBTs rule modification

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

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

In a letter to Theresa May, Roger Devlin said modifications to the amount that can be bet on High Street gambling makers could hit tasks and earnings.

The government is anticipated to announce imminently a last decision on its review fixed-odds betting terminals.

He proposed harder rules on adverts and a levy to help issue bettors.

Currently, fixed-odds betting terminals (FOBTs) allow players to stake as much as ₤ 100 every 20 seconds.

An evaluation's interim findings recommended cutting the maximum 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 devices the "crack cocaine" of gaming, support the move.

Bookies, nevertheless, 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 "exceptionally well regulated".

He wrote: "Sadly, I fear that your government is about to decide that is unnecessary and doing not have in proof - a decision that will also be disastrous for a retail betting market using over 40,000 individuals."

"Consolidation within our sector continues and I would likewise not want to see the effect of an out of proportion ... outcome being a consider the name of William Hill being contributed to the list of companies now in foreign ownership," he stated.

Mr Devlin stated William Hill supported a restriction on gambling advertising on tv before the watershed, and a levy on the market to spend for education and treatment of problem gamblers.

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

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.

On Monday, though. William Hill shares jumped after the US Supreme Court bied far a judgment that would permit states to legalise sports wagering, opening a big prospective brand-new market to betting companies.

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