Uk-based bookmaker William Hill has shut shops in the city of Lincoln. Earlier in August, the bookmaker had already closed its betting store on Lincoln High Street.
Following the tougher gambling regulations and reduction in the maximum stake on fixed-odds betting terminals (FOBTs), several bookmakers have been feeling the heat. Amidst declining revenues, bookmakers have also announced to shut shops putting thousands of jobs at risk.
William Hill had already announced that they would be shutting the non-profitable venues. Citing changes in the gambling rules, William Hill had announced that they would be closing around 700 Betting shops across the UK.
The move by the top UK bookmaker would put 4,500 jobs at risk. The betting operator had also said earlier that closing shops would cost them up to £60,000 each, and that their operating profits would go down by at least up to £100million a year.
William Hill owns and operates around 2,300 stores in the UK.
It is not only William Hill that is facing challenges in the domestic market. Following the announcement by William hill to shut shops, UK’s top gambling operator GVC holdings also announced a similar measure.
GVC said that they would be shutting about 900 betting stores which would put about 5,000 jobs at risk.
In their statement to the press, GVC had said that they expect up to 900 shops to be at risk of closure, affecting up to 5,000 roles, over the next two years as a result of the reduction in maximum stakes on FOBTs to £2 that came into force on 1st April, and there are a number of shops that have been identified for closure as part of this process.