Betfair Maximum Stake Limit

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2 days ago  Betfair International Plc is licensed and regulated by the Malta Gaming Authority. Licence Number: MGA/CL3/454/2008 17th March 2015, Triq il-Kappillan Mifsud, St. Venera, SVR 1851, MALTA. To combat this, most successful punters operate some kind of system where they have a minimum and maximum stake limit – say $10 to $40 – and they select the size of bet depending on how much value they think they are getting. In these cases, the upper limit usually represents a chunk of their betting bank in the range of 2% to 5%.

Paddy Power Betfair has become the first major bookmaker in the UK to declare its support for a planned curb on fixed-odds betting terminals (FOBTs).

The machines have been the subject of debate for some time, with campaign groups and a number of MPs calling for the maximum stake to be cut from £100 (€114/$134) per spin to just £2.

The government is widely expected to recommend this limit when it announces the findings of an ongoing review next month, and Paddy Power Betfair has now seemingly thrown its backing behind the plans.

According to the Financial Times newspaper, Breon Corcoran, chief executive of Paddy Power Betfair, has said in a letter to Tracey Crouch, the Minister at the Department for Culture, Media and Sport, the issue has become “so toxic” that decisive action is required to “address societal concerns”.

The letter said: “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.”

Corcoran’s reported comments come after the Financial Timesearlier this month said that Paddy Power Betfair could lose up to £10m in revenue should planned changes go ahead.

Citing a bank forecast based on if the maximum stake was cut to £25, Ladbrokes Coral would also lose £87m in revenue for 2018, while William Hill would miss out on £55m.

According to Barclays bank, the £10 limit proposed by Corcoran would see Paddy Power Betfair lose out on £32m.

Related article: Cutting FOBT stake could cost bookmakers £150m – report

Breon Corcoran, the CEO of Paddy Power Betfair, the company that was formed when the two giants merged in 2016, has taken a surprising step in coming out in favour of stricter limits on Fixed Odds Betting Terminals. The machines are normally found inside bookmaker shops and allow customers to play games such as roulette, poker or blackjack. They have long been the subject of some controversy because the maximum stake is £100 and the game tends to be over incredibly quickly. That has reportedly caused some addiction and seen people lose thousands of pounds, leading to them being labelled the ‘crack cocaine of gambling’.

Pretty much all high street stores have FOBTs located inside them and they tend to be popular with punters. In fact, the likes of Ladbrokes and William Hill actually find that the machines are the greatest source of income in some of their shops, whilst others such as Betfred and Paddy Power themselves admit that they are a large source of profit. That’s why it’s quite surprising that Corcoran has come out in favour of proposals to limit how much people can bet on them. He said that there are serious ‘societal concerns’ surrounding the machines that would only be addressed via ‘drastic’ action, such is the toxic nature of how they are perceived by the wider public.

Why Is This Controversial?

As I say, the move from the Paddy Power Betfair is quite surprising precisely because so many of his industry colleagues have long protested any possible move to limit the stakes that the government might make. Some of them have suggested that doing so would reduce their profits to such an extent that jobs would be lost, shops would have to close and the Treasury would receive less tax. That has been undermined by a letter from Corcoran to Tracey Crouch, the Department for Culture, Media and Sport minister, saying that he believes a limit of ‘£10 or less’ should be introduced.

Betfair Maximum Stake Limit Income

430,000 #gambling addicts in the UK according to Commission. Never been a more important time to crack down. #FOBTshttps://t.co/j71S6Rt6dK

What Is The Maximum Stake On Bet365

— John Leech (@johnleechmcr) 26 September 2017

Whether or not Corcoran’s motive is purely for the benefit of the consumer is likely to be debated by many. After all, in his letter to the minister he specifically cites the ‘increasing reputational damage to the gambling industry’ that is being done as long as FOBTs are allowed to have a maximum stake of £100. That said, he also had a slight dig at some of his competitors when he suggested that a ‘well-run operator’ would be able to cope with the stakes being reduced without it damaging their business. There’s also the fact that analysis suggests that Paddy Power Betfair would lost around £30 million in revenue in 2018 by stricter stakes, but William Hill would lose over £180 million and Ladbrokes Coral about £280 million.

What Do Others In The Industry Think?

Betfair Maximum Bet Limit

Ladbrokes’s external relations director, Donal McCabe, wasn’t slow to make clear what he thinks Corcoran and Paddy Power Betfair are up to here. He accused his competitor of ‘opportunistic commercialism’ in the form of ‘concern’ for the wider public. Meanwhile the face of the British gambling industry, The Association of British Bookmakers, distanced itself from the letter written by the Paddy Power Betfair CEO when it confirmed that his view did not reflect that of the majority of its members.Paddy Power Betfair might well be an impressively large company, yet it’s only responsible for around four percent of UK real estate.

Does Betfair Limit Winners

One thing that is worth noting is that Breon Corcoran announced in August this year that he would be stepping down as Paddy Power Betfair’s CEO to be replaced by Peter Jackson. Whether his statement reflects the overall opinion of the company is, therefore, open to some debate. Certainly it doesn’t seem as if Paddy Power have voluntarily reduced the maximum stake on any machines in their shops, which you would assume they might do considering they’re apparently so keen to lead the charge.