Paddy Power Betfair advises choice on fixed-odds devices

1 November 2017

Betting firm Paddy Power Betfair has expressed disappointment that a federal government evaluation did not decide on fixed-odds betting terminals.

The firm's president Breon Corcoran said the yohaig code evaluation, launched on Tuesday, failed to bet9ja's welcome offer "clearness".

Ministers proposed that bets on the machines be cut from a maximum of ₤ 100 a spin to somewhere in between ₤ 2 and ₤ 50.

Mr Corcoran has actually previously called for the stakes to be slashed to attend to widespread social concerns.

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

Some had hoped the federal government would lower the ₤ 100 stake on Tuesday, however ministers decided rather to consult on a variety of choices.

An excellent bet? The fixed-odds debate

Mr Corcoran said on Wednesday: "We have sought long-lasting certainty and clearness. Yesterday does not provide that, however ideally we will get there at the next phase."

The assessment closes on 23 January, but Mr Corcoran stated there might be some "drift" before the federal government makes a final decision.

Mr Corcoran was speaking as Paddy Power Betfair reported an 8% increase in device gaming in the 3 months to the end of September. Group earnings rose by 9% to ₤ 440m.

He has previously written to the yohaig code government saying the stakes on fixed-odds devices should be cut to "₤ 10 or less" because the argument has ended up being "so harmful", according to the yohaig code Financial Times, external.

The makers generated more than ₤ 1.8 bn in profits for the market last year, assisting to support development for bookmakers.

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

The Association of British Bookmakers said on Tuesday the onus was on the gambling market to help cut problem gambling.

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