William Hill Warns Prime Minister Over FOBTs Rule Change
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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 actually warned the prime minister his firm threats being bought by a foreign rival if it is compromised by brand-new betting guidelines.
In a letter to Theresa May, Roger Devlin stated modifications to the yohaig code quantity that can be wagered on High Street gambling makers might strike jobs and revenues.
The federal government is expected to announce imminently a last choice on its evaluation fixed-odds betting terminals.
He proposed tougher rules on adverts and a levy to assist issue bettors.
Currently, fixed-odds wagering terminals (FOBTs) enable gamers to stake up to ₤ 100 every 20 seconds.
An evaluation's interim findings recommended cutting the optimal stakes to ₤ 30, however there have been reports that the amount might be cut to just ₤ 2.
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advocates, who have dubbed the fixed-odds makers the "fracture drug" of gaming, support the relocation.
Bookies, however, have actually cautioned that such a cut would lead to the closure of thousands of outlets, a huge decrease in tax paid to the Treasury, and would have knock-on effects on the horse racing market.
'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, first reported by Sky News and seen by the BBC, said UK betting was "exceptionally well regulated".
He wrote: "Sadly, I fear that your federal government will decide that is unnecessary and doing not have in evidence - a decision that will also be catastrophic for a retail betting market using over 40,000 people."
"Consolidation within our sector continues and I would likewise not wish to see the effect of an out of proportion ... outcome being a consider the name of William Hill being included to the list of companies now in foreign ownership," he stated.
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Mr Devlin stated William Hill supported a restriction on gambling marketing 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 year, is also chairman of the housebuilder Persimmon, which has been racked with controversy over a generous executive pay scheme.
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Shares in William Hill have actually 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.
On Monday, though. William Hill shares leapt after the US Supreme Court handed down a judgment that would allow states to legalise sports wagering, opening up a huge possible brand-new market to gambling companies.
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