Ladbrokes Set To Drop Sponsorships If FOBT Cuts Materialize
The major UK bookies like Ladbrokes Coral and William Hill have been warning for years the dire consequences to their business should the planned FOBT maximum bet restrictions come into play. The speculation is that the maximum bets could be lowered from the current £100 to £2.
The threat of major job losses and closing of shops will almost definitely occur if the changes come into play. Now Ladbrokes Coral are saying they will possibly cut the £8m they spend on sponsorship if the cuts come into effect. Currently Ladbrokes has sponsorship deals with the Rugby Football League Challenge Cup, snooker, darts and Scottish Professional Football league to name a few.
In a a statement Ladbrokes said,” A severe stake cut has many implications not least on jobs, the Treasury and the sports we support. Sports sponsorship is a two-way street, yes we get exposure but it also helps sports finance their entire structures right down to grass-roots funding.”
The news is better for sponsorship for Horse-racing as Ladbrokes said, “Horse racing is in the bookie DNA and some sponsorships and partnerships go back many years and have a history and association that make them very valuable and high on the list to continue.”
The final decision has yet to be made as to the exact reduction in maximum stakes but the pressure is on the government form many groups including MP’s and the Department for Culture, Media and Sport (DCMS).