William Hill warns prime minister over FOBTs guideline change

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

The chairman of bookmaker William Hill has alerted the prime minister his firm risks being purchased by a foreign competitor if it is damaged by new wagering guidelines.

In a letter to Theresa May, Roger Devlin said modifications to the amount that can be banked on High Street betting devices could strike jobs and earnings.

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

He proposed tougher guidelines on adverts and a levy to assist issue gamblers.

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

An evaluation's interim findings suggested cutting the optimal stakes to ₤ 30, however there have actually been reports that the quantity might be cut to simply ₤ 2.

Anti-gambling campaigners, who have actually dubbed the fixed-odds machines the "fracture cocaine" of betting, support the relocation.

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

'Catastrophic'

Bookmakers support horse racing through an industry levy and offering prize cash.

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

He composed: "Sadly, I fear that your government will decide that is unnecessary and lacking in evidence - a decision that will also be disastrous for a retail betting market utilizing over 40,000 people."

"Consolidation within our sector continues and I would likewise not wish to see the effect of an out of proportion ... result being a consider the name of William Hill being contributed to the list of business now in foreign ownership," he stated.

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

Mr Devlin, who was designated chairman of the bookie previously this promotion code year, is also chairman of the housebuilder Persimmon, which has been racked with controversy over a generous executive pay plan.

Shares in William Hill have been hit hard by worries that fixed-odds stakes would be cut, falling greatly last month on reports that the chancellor, Philip Hammond, would not oppose the move.

On Monday, however. William Hill shares jumped after the US Supreme Court handed down a ruling that would allow states to legalise sports wagering, opening up a big prospective brand-new market to gambling companies.

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