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William Hill cautions prime minister over FOBTs rule change

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

the yohaig code chairman of bookie William Hill has alerted the prime minister his firm risks being bought by a foreign rival if it is damaged by new wagering rules.

In a letter to Theresa May, Roger Devlin stated modifications to the amount that can be wagered on High Street betting machines might hit jobs and earnings.

The government is anticipated to announce imminently a final choice on its evaluation fixed-odds betting terminals.

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

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

A review's interim findings suggested cutting the optimal stakes to ₤ 30, but there have been reports that the quantity might be cut to just ₤ 2.

Anti-gambling campaigners, who have actually called the fixed-odds makers the "crack drug" of gaming, support the move.

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

'Catastrophic'

Bookmakers support horse racing through a market levy and offering cash prize.

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

He wrote: "Sadly, I fear that your federal government is about to decide that is unneeded and lacking in evidence - a decision that will also be devastating for a retail wagering industry employing over 40,000 people."

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

Mr Devlin stated William Hill supported a ban on gambling advertising on television before the watershed, and a levy on the industry to spend for education and treatment of issue bettors.

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

Shares in William Hill have 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 relocation.

On Monday, however. William Hill shares leapt after the US Supreme Court handed down a ruling that would enable states to legalise sports wagering, opening up a big prospective new market to betting companies.

High stakes for fixed-odds betting machines

12 May 2018

Bookmakers hit by tougher wager limitation fears

24 April 2018

Betting maker wagers set for ₤ 30 limit

19 March 2018