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 alerted the yohaig code prime minister his firm threats being purchased by a foreign competitor if it is compromised by new wagering rules.

In a letter to Theresa May, Roger Devlin stated changes to the yohaig code quantity that can be wagered on High Street betting devices could strike jobs and earnings.

The government is expected to announce imminently a last choice on its evaluation fixed-odds wagering terminals.

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

Currently, fixed-odds wagering terminals (FOBTs) permit gamers to stake approximately ₤ 100 every 20 seconds.

A review's interim findings recommended cutting the maximum stakes to ₤ 30, but there have actually been reports that the quantity could be cut to just ₤ 2.

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

Bookies, nevertheless, have cautioned that such a cut would lead to the closure of thousands of outlets, a huge decrease in tax paid to the Treasury, and would have ripple effects on the yohaig code horse racing industry.

'Catastrophic'

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

Mr Devlin's letter, first reported by Sky News and seen by the BBC, said UK gambling was "extremely well controlled".

He wrote: "Sadly, I fear that your federal government will make a choice that is unnecessary and doing not have in evidence - a decision that will likewise be catastrophic for a retail betting market utilizing over 40,000 individuals."

"Consolidation within our sector continues and I would likewise not wish to see the impact of a disproportionate ... outcome being a consider the name of William Hill being added to the list of companies now in foreign ownership," he stated.

Mr Devlin said William Hill supported a restriction on betting marketing on tv before the watershed, and a levy on the industry to spend for education and treatment of issue gamblers.

Mr Devlin, who was appointed chairman of the bookmaker earlier this 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 struck hard by fears 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 leapt after the US Supreme Court handed down a ruling that would allow states to legalise sports betting, opening a big potential brand-new market to betting companies.

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