UK bookmaker, William Hill has said that its revenues from retail betting shops have plummeted by over one third after it shut about 700 shops following the maximum stake limit on Fixed Odds Betting Terminals (FOBTs) reduced to £2.
The betting operator said that its revenue overall was down 16 percent from July 3 to the end of October.
William hill has closed nearly 700 betting shops across the UK putting about 4,500 jobs at risk. Earlier, the UKGC imposed a strict maximum stake reduction policy which saw the limit decreased from £100 to £2.
William Hill CEO, Mr. Bengtsson said: “We have remodeled the UK retail estate, while the UK online business has benefited from a series of customer-facing improvements evidenced in the stabilizing market share in the last two quarters.
“In addition, we expect our international online business to benefit from a number of important product improvements that will be delivered over the coming quarters.
“We undoubtedly have great people and a shared vision at William Hill. Our job now is to push on and do even better in terms of customer focus and execution.”
Shares in the company fell 0.1% to 178.8p in early trading.
The betting operator is expanding in the US market where it has posted positive revenue growth.