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Paddy Power Betfair prompts decision on fixed-odds makers

1 November 2017

Betting firm Paddy Power Betfair has expressed frustration that a government review did not decide on fixed-odds betting terminals.
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The firm's chief executive Breon Corcoran stated the evaluation, released on Tuesday, stopped working to provide "clearness".
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that bets on the devices be cut from an optimum of ₤ 100 a spin to somewhere between ₤ 2 and ₤ 50.
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Mr Corcoran has previously required the stakes to be slashed to resolve prevalent social issues.
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Campaigners argue the electronic makers feed gambling dependencies and can see gamers lose big amounts of money really quickly.
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Some had actually hoped the federal government would reduce the ₤ 100 stake on Tuesday, however ministers decided instead to speak with on a series of alternatives.

A good bet? The fixed-odds debate
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Mr Corcoran said on Wednesday: "We have actually sought long-lasting certainty and clearness. Yesterday doesn't provide that, but ideally we will arrive at the next stage."

The consultation closes on 23 January, however Mr Corcoran said there could be some "drift" before the government makes a decision.

Mr Corcoran was speaking as Paddy Power Betfair reported an 8% increase in maker gaming in the three months to the end of September. Group profits increased by 9% to ₤ 440m.

He has previously composed to the government saying the stakes on fixed-odds makers must be cut to "₤ 10 or less" since the debate has become "so toxic", according to the Financial Times, external.

The machines produced more than ₤ 1.8 bn in earnings for the industry in 2015, helping to support development for bookmakers.

According to the federal government's assessment 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 gaming market to assist cut issue gaming.
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Fixed-odds maximum bet 'could drop to ₤ 2'
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Bookies brace for possible sales hit

31 October 2017
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