William Hill alerts prime minister over FOBTs guideline modification

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

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

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

The government is expected to reveal imminently a decision on its review fixed-odds betting terminals.

He proposed harder guidelines on adverts and a levy to assist problem gamblers.

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

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

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

Bookies, nevertheless, have actually cautioned that such a cut would result in the closure of countless outlets, a big reduction in tax paid to the Treasury, and would have ripple effects on the horse racing market.

'Catastrophic'

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

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

He composed: "Sadly, I fear that your government will decide that is unneeded and lacking in evidence - a choice that will also be disastrous for a retail wagering market using over 40,000 people."

"Consolidation within our sector continues and I would likewise not wish to see the effect of a disproportionate ... outcome being a consider the name of William Hill being contributed 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 market to pay 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 been racked with controversy over a generous executive pay scheme.

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

On Monday, however. William Hill shares jumped after the yohaig code US Supreme Court bied far a ruling that would permit states to legalise sports wagering, opening a big possible brand-new market to betting business.

High stakes for fixed-odds wagering devices

12 May 2018

Bookmakers struck by harder wager limitation fears

24 April 2018

Betting maker wagers set for ₤ 30 limitation

19 March 2018