Ladbrokes Coral responds to FOBT speculation

Ladbrokes Coral has responded to numerous press reports detailing a sharp fall in various bookmaker shares due to the prospect of the UK Government lowering the FOBT wagering limit from GBP 100 to GBP 2 following a triennial review consultation (see previous  reports).

Jim Mullen, chief executive of Ladbrokes Coral said in a press statement Monday:

“The triennial review has been running for over 15 months and throughout that time there has been constant rumour and speculation about potential outcomes, of which this is yet more. It should be noted that the current call for evidence is yet to conclude and industry responses have not yet been submitted to Government.

Mullen reiterated the company’s belief that cutting FOBT stakes would have little effect on curbing problem gambling but would rather have serious consequences in the industry including the closure of around 3,000 retail bookmaking shops, 15,000 job losses and diminished tax revenues.

“We will continue to make the case for a sensible measured, evidence led and proportionate response to the public concern regarding these issues and this will be the basis of the evidence submitted as part of the ongoing review,” he said.

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