GVC Holdings, which owns and operates Ladbrokes and Coral shops in the UK, has said that they are planning to close 900 of their betting shops across the UK. William Hill announced similar plans last week, with 700 stores at risk of closing over the next two years.
Both companies cited the fixed odds betting terminals (FOBTs) stake cut from £100 to £2 that came into force on April 1, as a major contributor to the closures.
GVC Holdings previously estimated that 1,000 shops would be affected. However, the decision is still expected to hit up to 5,000 jobs and impact revenue by £120m.
“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,” the company said in the statement.
GVC Holdings currently owns over 3,350 stores, meaning the closures would impact 26% of its retail offerings. Following announcements by Betfair, William Hill and GVC Holdings, it’s estimated that a quarter of UK betting shops could close, putting over 12,000 jobs at risk.Follow us on