Paddy Power reveals increase in fixed-odds revenue

Paddy Power Betfair revealed an increase in revenue from controversial fixed-odds betting machines a day after a minister resigned over delayed plans to cut players' maximum stake.
Revenue from gaming machines rose 2% as revenue in its UK and Ireland retail business fell 4%, the company said in its third-quarter trading update.
It said the cut to the maximum stake allowed on the machines would see revenues from them decrease by 33% to 43%, equivalent to €36m to €46m annually, or 2% to 2.6% of total group revenue.Fixed-odds betting terminals, on which users can gamble away up to €100 every 20 seconds, have been criticised by campaigners who say they are dangerously addictive.The government has agreed to slash the maximum amount people can bet to €2 per play.On Thursday, sports minister Tracey Crouch resigned over plans to delay the introduction of the measure until October 2019.Several backbenchers claimed they had been assured it was due to happen at the beginning of May.In her resignation letter, Ms Crouch claimed "implementation of these changes are now being delayed until October 2019 due to commitments made by others to those with registered interests"."From the time of the announcement to reduce stakes and its implementation over €1.6bn will be lost on these machines, a significant amount of which will be in our most deprived areas including my own constituency," she said.
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