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William Hill cautions prime minister over FOBTs rule modification
15 May 2018
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ByDominic O'Connell
Today Programme Business Correspondent
The chairman of bookmaker William Hill has actually warned the yohaig code prime minister his firm risks being purchased by a foreign rival if it is damaged by new wagering rules.
In a letter to Theresa May, Roger Devlin said changes to the amount that can be banked on High Street betting devices could hit tasks and earnings.
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the yohaig code federal government is anticipated to reveal imminently a decision on its evaluation fixed-odds betting terminals.
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He proposed harder guidelines on adverts and a levy to help issue bettors.
Currently, fixed-odds wagering terminals (FOBTs) allow players to stake approximately ₤ 100 every 20 seconds.
A review's interim findings suggested cutting the optimal stakes to ₤ 30, but there have actually been reports that the amount could be cut to just ₤ 2.
Anti-gambling campaigners, who have dubbed the fixed-odds makers the "crack cocaine" of betting, support the relocation.
Bookies, however, have actually cautioned that such a cut would result in the closure of thousands of outlets, a huge decrease in tax paid to the yohaig code Treasury, and would have knock-on results on the horse racing industry.
'Catastrophic'
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Bookmakers support horse racing through an industry levy and offering cash prize.
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Mr Devlin's letter, initially reported by Sky News and seen by the BBC, stated UK gambling was "exceptionally well controlled".
He composed: "Sadly, I fear that your government will decide that is unneeded and lacking in evidence - a choice that will likewise be catastrophic for a retail wagering industry utilizing over 40,000 individuals."
"Consolidation within our sector continues and I would also not want to see the effect of a disproportionate ... outcome being a factor in the name of William Hill being added to the list of business now in foreign ownership," he stated.
Mr Devlin stated William Hill supported a ban on betting advertising on television 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 bookmaker previously this promotion code year, is likewise chairman of the housebuilder Persimmon, which has been racked with debate over a generous executive pay scheme.
Shares in have actually been hit hard by fears that fixed-odds stakes would be cut, falling sharply last month on reports that the chancellor, Philip Hammond, would not oppose the relocation.
On Monday, though. William Hill shares jumped after the US Supreme Court handed down a ruling that would enable states to legalise sports wagering, opening up a huge prospective brand-new market to gambling companies.
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William Hill Warns Prime Minister Over FOBTs Rule Change
muhammadblocke edited this page 2025-10-21 19:29:07 +08:00