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William Hill warns prime minister over FOBTs rule change
15 May 2018
ByDominic O'Connell
Today Programme Business Correspondent
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The chairman of bookmaker William Hill has actually warned the prime minister his firm risks being purchased by a foreign rival if it is damaged by brand-new wagering guidelines.
In a letter to Theresa May, Roger Devlin said changes to the amount that can be banked on High Street betting machines could strike tasks and earnings.
The federal government is anticipated to announce imminently a decision on its evaluation fixed-odds betting terminals.
He proposed harder guidelines on adverts and a levy to help problem gamblers.
Currently, fixed-odds betting terminals (FOBTs) enable gamers to stake approximately ₤ 100 every 20 seconds.
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An evaluation's interim findings recommended cutting the maximum stakes to ₤ 30, however there have actually been reports that the amount could be cut to just ₤ 2.
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Anti-gambling advocates, who have called the fixed-odds machines the "crack drug" of gaming, support the move.
Bookies, nevertheless, have alerted that such a cut would lead to the closure of thousands of outlets, a big decrease in tax paid to the Treasury, and would have knock-on results on the horse racing market.
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'Catastrophic'
Bookmakers support horse racing through an industry levy and offering reward money.
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Mr Devlin's letter, first reported by Sky News and seen by the BBC, stated UK gaming was "incredibly well controlled".
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He composed: "Sadly, I fear that your government will decide that is unnecessary and lacking 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 desire to see the impact of a disproportionate ... result 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 ban on betting advertising on tv before the yohaig code watershed, and a levy on the industry to spend for education and treatment of issue gamblers.
Mr Devlin, who was selected chairman of the bookmaker previously this promotion code year, is likewise 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 fears that fixed-odds stakes would be cut, falling dramatically last month on reports that the yohaig code chancellor, Philip Hammond, would not oppose the move.
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On Monday, though. William Hill shares leapt after the US Supreme Court handed down a ruling that would allow states to legalise sports betting, opening up a huge potential new market to .
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William Hill Warns Prime Minister Over FOBTs Rule Change
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