Following stricter gambling regulations and declining revenue from operations in the domestic market, bookmakers in the UK are planning to shut shops.
Earlier this week, William Hill announced that they would shut 700 of their betting shops putting 4,500 jobs at risk. William Hill owns and operates around 2,300 stores in the UK.
Responding to the news of William Hill announcing the closure of betting shops, GVC Holdings, which owns and operates Ladbrokes and Coral shops in the UK has said that they are also planning to close 900 of their betting shops across the UK.
In its statement to the press, GVC said: “We now 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.
“This is not a decision we are taking lightly, and we will be working hard to minimize the number of redundancies through redeployment within the business while offering redundancy terms enhanced beyond the statutory requirement.”
The company has been vocal about the losses that gambling operators would suffer due to the revised maximum stake limits on Fixed Odds Betting Terminals (FOBTs) in the UK.