British government put a 2 pound cap on fixed odds betting terminals.
UK firm to shut 700 betting shops as government puts tough new rules

UK firm to shut 700 betting shops as government puts tough new rules

In Summary

• British government put a 2 pound cap on fixed odds betting terminals.

A man analyzes the odds at a popular betting site
A man analyzes the odds at a popular betting site
Image: VICTOR IMBOTO

William Hill plans to close 700 licensed betting shops, putting about 4,500 jobs at risk, after the British government put a 2 pound cap on fixed odds betting terminals (FOBT) in an effort to reduce problem gambling.

"The company has seen a significant fall in gaming machine revenues", William Hill said on Thursday, adding that the closures are likely to begin before the end of the year.

The FOBT regulations were implemented in April and maximum bets were limited to 2 pounds ($2.62) from 100 pounds.

William Hill said in January that it would remodel its retail business after performance at it was hit by tighter regulations, particularly on lucrative FOBTs.

Rival GVC Holdings had previously warned restrictions on FOBT would lead to the closure of up to a 1,000 shops and cut its 2019 core profit by about 135 million pounds ($170 million).

CLICK LINKS BELOW TO DOWNLOAD Our APPS

Social Network For Businesses/Marketplace Social Media : https://play.google.com/store/apps/details?id=orion.big.deal

 

INSTALL Our ANDROID APP News App : https://play.google.com/store/apps/details?id=orion.news.global

 

Web Browser For Android : https://play.google.com/store/apps/details?id=orion.speedazo.max

 

Go to top
Template by JoomlaShine