Bookmaker William Hill has declared that the company intends to shut nearly 700 betting shops, which could point to the loss of 4,500 jobs.
Well, the firm stated the transit attended the government’s declaration in April to lessen the maximum stake on fixed-odds betting terminals to £2.
Following that, the company continued, it had seen “a notable decline” in gaming machine revenues.
William Hill, that operates 2,300 stores and has a staff size of 12,500 members, stated the closings could start before the end of the year.
“The organization will view to employ voluntary redundancy and redeployment steps largely and will be rendering support to all co-workers with this process,” its declaration spoke.
Which betting stores would be hit?
Still, we have no certainty. William Hill will not be showing which stores will shut down until following this year. However, the staff at the shops were told about the decision earlier this week.
The government decreased the maximum stake on fixed-odds betting terminals (FOBTs), which had earlier been £100, with the widespread anxiety that players were able to drop huge amounts of money in a short period of time.
Well, these are computerized gaming machines that enable players to bet on the result of multiple simulated games and events, such as roulette, bingo, horse races, and blackjack.
In its annual report, published in March, William Hill predicts that the government’s declaration would decrease betting shop deals by up to £100m a year and further might drive to the shutting down of nearly 900 stores.