Hundreds of betting shops in William Hill’s UK estate will be closed, the company has announced.
Some of the shops will be shut down in a matter of weeks because of the revenues that the group will lose from the fixed odds betting terminals (FOBTs) scale-back.
The reduction in the stake to just £2 on FOBTs has contributed considerably to the group’s 15 per cent fall in operating profits. The company will close 900 shops, beginning soon after the new FOBT stake is introduced in April.
Philip Bowcock, CEO, said that 2018 was a pivotal year for the company and for the bookmaking industry. “We now have greater clarity around the key challenges and opportunities for our business. In 2019 we will remodel our retail offer while building a digitally led international business.”
William Hill’s main rival, GVC, owner of Ladbrokes and Coral, said that the UK bookmaking industry was in "terminal decline" and planned to close up to 1,000 shops.
William Hill is refocusing on international markets and now expects to complete a deal to buy Swedish gaming company Mr Green.
