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Paddy Power Betfair Urges Decision On Fixed-odds Machines

Paddy Power Betfair advises decision on fixed-odds makers

1 November 2017

Betting firm Paddy Power Betfair has expressed disappointment that a federal government review did not decide on fixed-odds wagering terminals.

The company’s primary Breon Corcoran said the review, released on Tuesday, failed to bet9ja’s welcome offer “clearness”.

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

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

Campaigners argue the electronic machines feed betting addictions and can see players lose big quantities of money extremely rapidly.

Some had actually hoped the federal government would lower the ₤ 100 stake on Tuesday, but ministers chose rather to speak with on a variety of options.

A good bet? The fixed-odds debate

Mr Corcoran said on Wednesday: “We have looked for long-term certainty and clarity. Yesterday doesn’t deliver that, but ideally we will get there at the next stage.”

The consultation closes on 23 January, but Mr Corcoran stated there could be some “drift” before the federal government makes a decision.

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

He has previously composed to the federal government saying the stakes on fixed-odds devices need to be cut to “₤ 10 or less” because the dispute has actually become “so toxic”, according to the Financial Times, external.

The devices produced more than ₤ 1.8 bn in income for the market last year, assisting to support growth for bookies.

According to the 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 Association of British Bookmakers stated on Tuesday the onus was on the betting market to assist cut issue gaming.

Fixed-odds maximum bet ‘might drop to ₤ 2′

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31 October 2017