Paddy Power Betfair prompts decision on fixed-odds machines
1 November 2017
Betting company Paddy Power Betfair has revealed disappointment that a federal government review did not make a choice on fixed-odds wagering terminals.
The company's president Breon Corcoran said the yohaig code evaluation, released on Tuesday, stopped working to provide "clarity".
Ministers proposed that bets on the makers be cut from an optimum of ₤ 100 a spin to somewhere in between ₤ 2 and ₤ 50.
Mr Corcoran has formerly called for the stakes to be slashed to deal with widespread social concerns.
Campaigners argue the electronic makers feed gambling addictions and can see gamers lose big quantities of money really rapidly.
Some had hoped the federal government would reduce the ₤ 100 stake on Tuesday, but ministers chose instead to speak with on a variety of alternatives.
A great bet? The fixed-odds debate
Mr Corcoran stated on Wednesday: "We have actually sought long-lasting certainty and clearness. Yesterday doesn't deliver that, however ideally we will get there at the next phase."
The consultation closes on 23 January, but Mr Corcoran stated there might be some "drift" before the government makes a last decision.
Mr Corcoran was speaking as Paddy Power Betfair reported an 8% rise in machine gaming in the 3 months to the yohaig code end of September. Group profits rose by 9% to ₤ 440m.
He has formerly written to the federal government saying the stakes on fixed-odds makers need to be cut to "₤ 10 or less" due to the fact that the debate has actually become "so poisonous", according to the Financial Times, external.
The devices produced more than ₤ 1.8 bn in revenue for the industry last year, assisting to support growth for bookmakers.
According to the federal government's consultation files, external, cutting the yohaig code stake to ₤ 50 would cost business ₤ 35m, however slashing it to ₤ 2 would see ₤ 639m lost over the next ten years.
The Association of British Bookmakers stated on Tuesday the onus was on the gambling industry to assist cut problem betting.
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