William Hill alerts prime minister over FOBTs guideline modification

15 May 2018

ByDominic O'Connell
Today Programme Business Correspondent

The chairman of bookie William Hill has warned the prime minister his firm dangers being purchased by a foreign rival if it is weakened by new wagering guidelines.

In a letter to Theresa May, Roger Devlin stated changes to the amount that can be banked on High Street betting makers could hit tasks and profits.

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

He proposed tougher guidelines on adverts and a levy to assist issue bettors.

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

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

Anti-gambling campaigners, who have dubbed the fixed-odds machines the "fracture drug" of gaming, support the relocation.

Bookies, however, have actually 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 horse racing market.

'Catastrophic'

Bookmakers support horse racing through a market 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 wrote: "Sadly, I fear that your federal government is about to decide that is unnecessary and lacking in proof - a decision that will likewise be devastating for a retail betting market utilizing over 40,000 people."

"Consolidation within our sector continues and I would likewise not desire to see the impact of an out of proportion ... result being a consider the name of William Hill being added to the list of companies now in foreign ownership," he said.

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

Mr Devlin, who was designated chairman of the bookie earlier 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 sharply 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 judgment that would allow states to legalise sports betting, opening up a big potential new market to gambling business.

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