Paddy Power Betfair back FOBT stake reduction

28 Sep 2017

Paddy Power BetfairPaddy Power Betfair have stunned the British betting industry after agreeing that the proposed FOBT stake reduction is a step in the right direction. Both the Conservatives and Labour have recently stated their dismay at the maximum allowed stakes on fixed odds betting terminals, as they claim it is responsible for an increasing number of problematic behaviour players. The existing stakes stand at £100, the proposed reduction was to bring them down to £2, with experts suggesting that politicians and betting firms will settle at £25.

Paddy Power Betfair CEO Breon Corcoran, however, has clearly taken the government & UKGC's side as he stated that the stake reduction would not only help addicted gamblers, but also, not cause any "massive layoffs", as recently hinted.

More specifically, Corcoran stated: “Whilst we are not aware of any evidence which links stake size to problem gambling, we are acutely aware of the increasing reputational damage to the gambling industry that has followed lack of progress in this area. We now believe that the issue has become so toxic that only a substantial reduction in FOBT stake limits to £10 or less will address societal concerns. I am confident we could operate our retail business successfully and profitability under such circumstances. Other well-run operators should be able to do the same.”

Controversially, this press release comes in direct contrast to Corcoran's recent remarks at the Financial Times earlier in August, when he claimed that the Paddy Power Betfair brand could lose around £10m annually if FOBT stakes were to be reduced. According to a Barclays report a stake reduction to £10 would see Paddy Power Betfair revenues fall by £32m, while competing bookmakers Coral & William Hill would lose £87m & £55 respectively.

Why choose Paddy Power

The Irish power
  • Incredible range of sports
  • Suitable for football lovers
  • Cash Out
  • Multiview option in live betting section
  • Many payment methods
  • Quick withdrawals
  • User friendly website
Play Now!
High Odds
BOOK SPY
BOOK SPY BONUS REVIEW

Paddy is the best example of “united we stand” in betting business, as they started as a merger of all Irish bookies, who expanded in many countries and eventually merged with Betfair. Nowadays Paddy’s popularity is exceeding the British Isles, their main area of interest. They’re one of the first bookmakers who took advantage of odds as a commercial campaign, offering odds on bizarre events to attract publicity. Their services could be complete if they added an Asian Handicap option to their great number of alternative betting selections. They still offer their website only in English, by choice.

10,000+ have already benefited from Bookmakers.bet

Register to our newsletter and be the first to get our exclusive bonuses and promotions. Fill in your name & email and stay tuned on the latest offers and the new bookmakers in your country.

I agree with the terms of use.

BOOK SPY

The renowned sports betting operator 22Bet has decided to completely cease its operations in the United Kingdom as of October 13, 2020. All of its pla...

Read more »

Everton has landed yet another important deal by teaming up with Parimatch, appointing it as the club’s official betting partner in Europe and in the ...

Read more »

Online sports betting operator 22Bet has reached an agreement with French Ligue 1 champions Paris Saint-Germain. The two-year deal, ending 2022, will ...

Read more »

The South African National Gambling Board has issued a statement this week concerning the legality of online gambling. There have recently been some r...

Read more »

Betting operator 888sport announced that it has signed a sports betting partnership agreement with the National Football League (NFL) in the United Ki...

Read more »

British GVC Holdings PLC is launching an investment program to support grassroots sports in the UK. It will be helping the lower tiers of English foot...

Read more »

Dominic Beier has stepped down from his position as Interwetten Sports’ Speaker of the Board. The 29-year-old had joined the company in 2018, replacin...

Read more »

BGC, the UK’s Betting and Gaming Council, has announced the implementation of a new set of measures in order to prevent underage audiences from being ...

Read more »

Online sportsbook and casino operator Vbet will be sponsoring French Ligue 1 powerhouse AS Monaco. The deal includes seasons 2020-2021 (which just sta...

Read more »

UK-based bookmaker Betfred has announced the extension of its World Snooker Championship sponsorship until 2022. It is considered the biggest snooker ...

Read more »

Latest Betting Offers