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UK gambling group Ladbrokes Coral is warning that they may have to cut down their sponsorship budget due to regulatory changes coming to Fixed Odds Betting Terminals within the country.
The government is working to cut the maximum bet per spin on the terminals from £100 per spin down to anywhere between £2 to £50. The changes will likely have a negative impact on the bottom line for the company, and they are sharing where they'll make the gap up from. The company currently has a bunch of brand sponsorships throughout the United Kingdom, with their name slapped to the Rugby Football League Challenge Cup, Scottish Professional Football League, horse racing, darts, and snooker events. The biggest potential cut could come to horse racing, where the group spends £1 million annually.
Speaking about the possible changes to the BBC a Ladbrokes representative stated: "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."
We'll be following the story and will update readers as we learn more.