Betting group William Hill said that they're planning to close 700 retail betting shops in the UK due to the country's lowering of the max bet on fixed odds betting terminals (FOBTs) to £2 from £100.
The closure will see about 4,500 employees lose their jobs, with the majority of the affected shops slated to close by the end of the calendar year. The group is claiming that the closures are coming due to the change in the laws, which will see Hill's revenues cut. The UK changed the max bet for the FOBT machines in an effort to clamp down on gambling addiction, as the machines have been referred to as the "crack cocaine" of the gambling world.
Even though the number of stores closing is heavy, the number is less than the 900 shops that William Hill said could close back in March.
We're on top of the story and will update readers as we learn more.