William Hill cautions prime minister over FOBTs guideline modification

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

The chairman of bookie William Hill has actually alerted the yohaig code prime minister his firm risks being bought by a foreign rival if it is compromised by new betting rules.

In a letter to Theresa May, Roger Devlin said modifications to the quantity that can be wagered on High Street gambling devices could strike tasks and profits.

The federal government is expected to announce imminently a decision on its evaluation fixed-odds betting terminals.

He proposed harder guidelines on adverts and a levy to help problem bettors.

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

An evaluation's interim findings suggested cutting the yohaig code maximum stakes to ₤ 30, however there have been reports that the amount could be cut to just ₤ 2.

Anti-gambling campaigners, who have actually called the fixed-odds devices the "fracture drug" of betting, support the relocation.

Bookies, nevertheless, have actually alerted that such a cut would lead to the closure of countless outlets, a huge decrease in tax paid to the yohaig code Treasury, and would have knock-on effects on the horse racing industry.

'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, said UK betting was "exceptionally well managed".

He composed: "Sadly, I fear that your federal government will decide that is unneeded and doing not have in evidence - a decision that will also be catastrophic for a retail wagering industry using over 40,000 individuals."

"Consolidation within our sector continues and I would also not wish to see the impact of a disproportionate ... result being a factor in the name of William Hill being contributed to the list of business now in foreign ownership," he said.

Mr Devlin stated William Hill supported a ban on gambling marketing on tv before the watershed, and a levy on the market to spend for education and treatment of issue gamblers.

Mr Devlin, who was selected chairman of the bookie previously this 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 actually been hit hard by worries that fixed-odds stakes would be cut, falling dramatically last month on reports that the chancellor, Philip Hammond, would not oppose the relocation.

On Monday, however. William Hill shares leapt after the US Supreme Court bied far a judgment that would enable states to legalise sports betting, opening a big potential brand-new market to betting business.

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