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 actually alerted the prime minister his firm threats being purchased by a foreign competitor if it is damaged by brand-new wagering rules.

In a letter to Theresa May, Roger Devlin stated changes to the amount that can be banked on High Street gambling makers could strike jobs and profits.

The federal government is anticipated to announce imminently a final decision on its evaluation fixed-odds wagering terminals.

He proposed tougher rules on adverts and a levy to assist issue bettors.

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

A review's interim findings recommended cutting the optimal stakes to ₤ 30, however there have been reports that the amount might be cut to simply ₤ 2.

Anti-gambling campaigners, who have dubbed the fixed-odds makers the "fracture cocaine" of gaming, support the move.

Bookies, however, have actually warned that such a cut would lead to the closure of thousands of outlets, a big reduction in tax paid to the Treasury, and would have ripple effects on the horse racing industry.

'Catastrophic'

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

Mr Devlin's letter, initially reported by Sky News and seen by the BBC, said UK gaming was "extremely well controlled".

He composed: "Sadly, I fear that your government is about to decide that is unnecessary and doing not have in evidence - a decision 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 wish to see the impact of a disproportionate ... result being an element in the yohaig code name of William Hill being included to the list of companies now in foreign ownership," he said.

Mr Devlin said William Hill supported a restriction on betting marketing on television before the watershed, and a levy on the yohaig code industry to spend for education and treatment of issue bettors.

Mr Devlin, who was selected chairman of the bookie earlier 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 William Hill have been struck hard by fears that fixed-odds stakes would be cut, falling dramatically last month on reports that the yohaig code chancellor, Philip Hammond, would not oppose the relocation.

On Monday, however. William Hill shares jumped after the US Supreme Court handed down a judgment that would enable states to legalise sports betting, opening up a huge possible new market to betting business.

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