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Paddy Power Betfair prompts decision on fixed-odds devices

1 November 2017

Betting company Paddy Power Betfair has actually revealed disappointment that a government review did not make a choice on fixed-odds betting .

The company's president Breon Corcoran said the review, launched on Tuesday, failed to provide "clearness".

Ministers proposed that bets on the yohaig code makers be cut from a maximum of ₤ 100 a spin to someplace between ₤ 2 and ₤ 50.

Mr Corcoran has previously called for the stakes to be slashed to address extensive social concerns.

Campaigners argue the electronic makers feed gambling addictions and can see gamers lose big quantities of cash extremely quickly.

Some had hoped the yohaig code federal government would lower the ₤ 100 stake on Tuesday, but ministers decided rather to consult on a series of options.

A good bet? The fixed-odds controversy

Mr Corcoran stated on Wednesday: "We have sought long-term certainty and clarity. Yesterday does not provide that, but ideally we will arrive at the next stage."

The assessment closes on 23 January, however Mr Corcoran said there might be some "drift" before the yohaig code government makes a last choice.

Mr Corcoran was speaking as Paddy Power Betfair reported an 8% rise in device video gaming in the three months to the end of September. Group income increased by 9% to ₤ 440m.

He has formerly composed to the federal government stating the stakes on fixed-odds makers ought to be cut to "₤ 10 or less" because the debate has ended up being "so toxic", according to the Financial Times, external.

The machines produced more than ₤ 1.8 bn in earnings for the market in 2015, assisting to support development for bookies.

According to the federal government's assessment files, external, cutting the stake to ₤ 50 would cost companies ₤ 35m, but slashing it to ₤ 2 would see ₤ 639m lost over the next 10 years.

The Association of British Bookmakers said on Tuesday the onus was on the gaming market to assist cut problem betting.

Fixed-odds optimum bet 'could drop to ₤ 2'

Bookies brace for possible sales hit

31 October 2017