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Paddy Power Betfair Urges Decision On Fixed-odds Machines

Paddy Power Betfair prompts choice on fixed-odds machines

1 November 2017

Betting company Paddy Power Betfair has actually expressed frustration that a government review did not decide on fixed-odds betting terminals.

The firm’s primary executive Breon Corcoran said the yohaig code 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 in between ₤ 2 and ₤ 50.

Mr Corcoran has formerly required the stakes to be slashed to attend to widespread social issues.

Campaigners argue the electronic makers feed gambling dependencies and can see gamers lose big quantities of money really rapidly.

Some had hoped the federal government would reduce the ₤ 100 stake on Tuesday, however ministers decided rather to seek advice from on a variety of choices.

A great bet? The fixed-odds debate

Mr Corcoran said on Wednesday: “We have sought long-lasting certainty and clarity. Yesterday does not deliver that, but ideally we will arrive at the next stage.”

The assessment closes on 23 January, but Mr Corcoran said there might be some “drift” before the government makes a decision.

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

He has actually formerly written to the government saying the stakes on fixed-odds makers must be cut to “₤ 10 or less” because the argument has become “so hazardous”, according to the Financial Times, external.

The devices produced more than ₤ 1.8 bn in profits for the yohaig code market in 2015, helping to support growth 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 ten years.

The Association of British Bookmakers stated on Tuesday the onus was on the betting industry to help cut issue betting.

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31 October 2017