Paddy Power Betfair prompts choice on fixed-odds makers
1 November 2017
Betting firm Paddy Power Betfair has actually expressed disappointment that a federal government review did not make a decision 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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Ministers proposed that bets on the machines be cut from an optimum of ₤ 100 a spin to somewhere between ₤ 2 and ₤ 50.
Mr Corcoran has previously called for the stakes to be slashed to resolve prevalent social issues.
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Campaigners argue the electronic machines feed gambling addictions and can see players lose big amounts of money very rapidly.
Some had actually hoped the federal government would reduce the ₤ 100 stake on Tuesday, but ministers chose instead to speak with on a variety of choices.
A good bet? The fixed-odds controversy
Mr Corcoran stated on Wednesday: "We have looked for long-term certainty and clearness. Yesterday does not deliver that, however ideally we will arrive at the next stage."
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The assessment closes on 23 January, however Mr Corcoran stated 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 video gaming in the 3 months to the yohaig code end of September. Group income rose by 9% to ₤ 440m.
He has previously written to the government saying the stakes on ought to be cut to "₤ 10 or less" since the argument has actually become "so harmful", according to the Financial Times, external.
The devices generated more than ₤ 1.8 bn in profits for the market last year, assisting to support development for bookies.
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According to the federal government's consultation files, external, cutting the stake to ₤ 50 would cost business ₤ 35m, however slashing it to ₤ 2 would see ₤ 639m lost over the next ten years.
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The Association of British Bookmakers said on Tuesday the onus was on the gaming industry to help cut issue gaming.
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Fixed-odds maximum bet 'could drop to ₤ 2'
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31 October 2017
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Paddy Power Betfair Urges Decision On Fixed odds Machines
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