Ladbrokes Coral evaluates FOBTs future
Ladbrokes Coral has hired international experts on gaming industry to evaluate the upcoming laws.
UK.- As one of the worldwide sports betting leading companies, Ladbrokes Coral is trying to prepare its business to be ready when the government approves a final resolution on fixed-odd betting terminals (FOBTs). According to international press, the company has hired City banks to evaluate the possibilities once the new legislation takes effect.
Ladbrokes Coral has signed agreements with Deutsche Bank, Greenhill, and UBS to explore its consolidation potential and assess the upcoming industry. Once the review gets published late next month the company could renew takeover talks with GVC, the online gambling operator that tried to merge in the past.
The United Kingdom government’s plan of reducing the minimum bet on fixed odd betting terminals would jeopardise the business, operators argue. According to the statements, cutting the minimum stake to £2 would represent an industry’s decline of £150 million. The report was presented to the government by gaming leading companies Ladbrokes Coral, William Hill and Paddy Power Betfair.
Fixed odds beting terminals have had a ‘crack cocaine-like’ effect in gamblers, says the Campaign for Fairer Gambling that reported gamblers in the area lost over £12 million in just one year after betting nearly £50 million across the region’s 108 betting shops. Terminals described as ‘roulette machines’ allow punters to gamble a maximum £100 a spin and have been the main target of campaigners.
