Paddy Power Betfair prompts choice on fixed-odds machines

1 November 2017

Betting company Paddy Power Betfair has expressed frustration that a federal government review did not make a decision on fixed-odds betting terminals.

The firm's chief executive Breon Corcoran stated the evaluation, launched on Tuesday, failed to supply "clearness".

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

Mr Corcoran has formerly required the stakes to be slashed to resolve extensive social concerns.

Campaigners argue the electronic devices feed gambling dependencies and can see gamers lose big quantities of cash very rapidly.

Some had actually hoped the government would reduce the ₤ 100 stake on Tuesday, but ministers chose rather to consult on a series of options.

A good bet? The fixed-odds controversy

Mr Corcoran said on Wednesday: "We have actually sought long-lasting certainty and clarity. Yesterday does not provide that, however hopefully we will arrive at the next phase."

The assessment closes on 23 January, however Mr Corcoran said there could be some "drift" before the government makes a final choice.

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

He has previously composed to the government stating the stakes on fixed-odds makers need to be cut to "₤ 10 or less" due to the fact that the dispute has actually become "so harmful", according to the Financial Times, external.

The devices generated more than ₤ 1.8 bn in earnings for the market in 2015, assisting to support development for bookmakers.

According to the federal government's assessment documents, external, cutting the stake to ₤ 50 would cost business ₤ 35m, however slashing it to ₤ 2 would see ₤ 639m lost over the next 10 years.

The Association of British Bookmakers said on Tuesday the onus was on the gaming market to assist cut issue gaming.

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