Monday, October 18, 2021

Tag: FOBTs

EY: Despite the headwinds, the UK is still a great place to be

EY, uk, bookmakers, fobts
From FOBTs to Brexit, Grant Humphrey, betting and gaming lead at EY, talks through how his clients view the UK after another turbulent year for British bookmakers. iGAMING TIMES: As the dust settles on the FOBT debate, are we heading for some of the worst-case scenarios that the industry had warned us of? GRANT HUMPHREY: It’s getting towards that. With original...

Gambling not alone as ‘sin’ taxes increase across tobacco and alcohol

UNITED KINGDOM, TAXATION, Philip Hammond, fobts
The latest budget from UK chancellor of the exchequer Philip Hammond has increased tax on online casino games in a bid to cover the £1.15bn lost by the treasury in capping FOBTs. However, gambling wasn’t the only so-called ‘sin’ sector to be hit by the government’s...

British business hobbled by gaming review

Matt Hancock
Asides from the Department for Culture - the self-proclaimed victor in its decision to cut machine stakes and raise online gaming tax - the industry laments that no company, sector or sport will be better off as a result. It’s fair to say the UK’s review of machine…

Chancellor Philip Hammond accepts £2 limit for FOBTs

FOBT machine
A move to cut the maximum stake on FOBTs is set to be announced by the treasury in two weeks. Chancellor Philip Hammond had previously delayed the decision over the issue of lost tax revenue from the machines.

Chancellor once again delays decision on FOBT maximum stake

Betting Business FOBT review
News sources have reported the government will once again delay its upcoming triennial review judgement on reducing the maximum stake on fixed odds betting terminals (FOBTs). Campaigners have been confident they could persuade the government to cut the stakes on FOBTs from £100 to just £2. But according to The Times, Chancellor Philip Hammond has put the decision ‘on hold’ as...

UK machine debate reduced to one pro-racing minister

Matthew Hancock uk minister
Reflecting the frail state of UK politics, the fate of bookmakers appears to hang on one man’s love for horse racing - and how many punters he thinks feel the same.   Over half-a-billion pounds were wiped off the valuations of British bookmakers in January, when fresh rumours circulated that the government intends to cut FOBT stakes to £2. The leaks, coming...

Ladbrokes Coral turn down £3.6bn GVC takeover

Betting Business, Ladbrokes, profits united challenge omni
GVC, the Isle of Man-based gambling giant, have failed in another bid to gain control of Ladbrokes Coral, the Financial Times reports. Approaching the UK bookmaker that currently hold over 3,500 betting shops, GVC offered £3.6bn in an attempt to create possibly the world’s largest gambling company. This is the second time an offer has been made by GVC, the first...

UK election has increased odds of FOBT stake reduction

Credit Suisse have advised that the government will likely slash the maximum stake for gaming machines to £2, causing a 40-50% profit cut for bookmakers.
Analysts at leading financial agency Credit Suisse advised clients earlier this week that odds have "materially increased" that maximum stakes for gaming machines will be slashed from £100 to £2 as part of the government's long-delayed Triennial Review, following the recent upheaval of the UK political climate. This could potentially lead to a 40-50 percent cut in profits for bookmakers, particularly betting giants William...

Kenny Alexander: Running against the pack

BBi - Kenny Alexander GVC
In an interview with the Evening Standard, Kenny Alexander, CEO of the snowballing GVC Holdings, says a dependency on betting shops is “not a poison pill to any deal”.   If there’s one betting boss acutely unfazed by the Damoclean prospect of a triennial review, it’s GVC’s Kenny Alexander. While the campaign to cut FOBTs is “ridiculous”, he tells the London Standard,...

Bookmakers demand inquiry into “anti-betting shop” FOBT review

Betting Business Bookmaker ABB
British bookmakers have hit out at the parliamentary review of fixed-odds betting terminals, claiming the group was “deeply flawed” and funded by a consortium of anti-bookmaking interests.   The All-Party Parliamentary Group of British MPs gave their recommendations to government on FOBTs early December, suggesting the maximum reduction in machine stakes, from £100 to £2 per spin. The Association of British Bookmakers...

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