Paddy Power Betfair advises choice on fixed-odds makers

1 November 2017

Betting company Paddy Power Betfair has revealed aggravation that a federal government evaluation did not decide on fixed-odds wagering terminals.

The company's primary executive Breon Corcoran said the review, launched on Tuesday, failed to supply "clarity".

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

Mr Corcoran has previously required the stakes to be slashed to deal with extensive social concerns.

Campaigners argue the electronic makers feed betting dependencies and can see players lose large quantities of cash extremely rapidly.

Some had actually hoped the federal government would decrease the ₤ 100 stake on Tuesday, but ministers decided instead to seek advice from on a variety of options.

A good bet? The fixed-odds controversy

Mr Corcoran said on Wednesday: "We have actually looked for long-lasting certainty and clearness. Yesterday does not deliver that, but hopefully we will arrive at the next stage."

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

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

He has previously written to the federal government stating the stakes on fixed-odds makers must be cut to "₤ 10 or less" due to the fact that the argument has become "so poisonous", according to the Financial Times, external.

The makers generated more than ₤ 1.8 bn in earnings for the industry in 2015, helping to support growth for bookmakers.

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

The Association of British Bookmakers stated on Tuesday the yohaig code onus was on the gaming industry to help cut problem betting.

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