Paddy Power Betfair prompts decision on fixed-odds makers

1 November 2017

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

the yohaig code firm's primary executive Breon Corcoran stated the review, launched on Tuesday, stopped working to supply "clarity".

Ministers proposed that bets on the machines be cut from a maximum of ₤ 100 a spin to someplace in between ₤ 2 and ₤ 50.

Mr Corcoran has actually formerly called for the stakes to be slashed to deal with extensive social concerns.

Campaigners argue the electronic devices feed gambling addictions and can see gamers lose big amounts of cash really quickly.

Some had actually hoped the government would reduce the ₤ 100 stake on Tuesday, but ministers decided instead to speak with on a series of options.

A good bet? The fixed-odds controversy

Mr Corcoran said on Wednesday: "We have sought long-term certainty and clearness. Yesterday doesn't provide that, however ideally we will arrive at the next stage."

The assessment closes on 23 January, however Mr Corcoran stated there might be some "drift" before the federal government makes a final decision.

Mr Corcoran was speaking as Paddy Power Betfair reported an 8% increase in device video gaming in the yohaig code three months to the end of September. Group income rose by 9% to ₤ 440m.

He has formerly composed to the government stating the stakes on fixed-odds devices must be cut to "₤ 10 or less" since the argument has actually become "so toxic", according to the Financial Times, external.

The devices created more than ₤ 1.8 bn in profits 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 companies ₤ 35m, however slashing it to ₤ 2 would see ₤ 639m lost over the next 10 years.

the yohaig code Association of British Bookmakers stated on Tuesday the onus was on the gambling market to help cut issue betting.

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31 October 2017