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Paddy Power Betfair prompts decision on fixed-odds devices

1 November 2017

Betting company Paddy Power Betfair has revealed aggravation that a federal government review did not decide on fixed-odds wagering terminals.
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The firm's chief executive Breon Corcoran said the evaluation, released on Tuesday, failed to provide "clearness".

Ministers proposed that bets on the makers be cut from an optimum of ₤ 100 a spin to somewhere between ₤ 2 and ₤ 50.

Mr Corcoran has actually formerly required the stakes to be slashed to social concerns.

Campaigners argue the electronic machines feed betting addictions and can see gamers lose large quantities of money extremely rapidly.
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Some had hoped the government would lower the ₤ 100 stake on Tuesday, however ministers chose rather to speak with on a variety of choices.

A great bet? The fixed-odds controversy

Mr Corcoran stated on Wednesday: "We have actually looked for long-term certainty and clarity. Yesterday doesn't provide that, but hopefully we will get there at the next stage."
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The consultation closes on 23 January, but Mr Corcoran said there might be some "drift" before the federal government makes a decision.
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Mr Corcoran was speaking as Paddy Power Betfair reported an 8% increase in machine gaming in the three months to the end of September. Group profits increased by 9% to ₤ 440m.
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He has previously composed to the yohaig code government stating the stakes on fixed-odds devices must be cut to "₤ 10 or less" since the dispute has ended up being "so harmful", according to the yohaig code Financial Times, external.

The devices created more than ₤ 1.8 bn in earnings for the market last year, assisting to support development for bookmakers.

According to the government's consultation files, external, cutting the stake to ₤ 50 would cost companies ₤ 35m, but slashing it to ₤ 2 would see ₤ 639m lost over the next 10 years.

The Association of British Bookmakers stated on Tuesday the onus was on the gambling industry to help cut problem gaming.
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Fixed-odds optimum bet 'might drop to ₤ 2'

Bookies brace for possible sales struck

31 October 2017