Ladbrokes a betting and gambling company based in the UK with 3475 shops is going to close nearly 1000 outlets. This will put almost 5000 jobs at risk.
The move was taken owing to reduction of maximum stakes at FOBTs which got down to €2.3 from €116.5. This step may cast a negative impact on the sector. It will result in loss of jobs. The company said approximately 1000 shops will be closed to cut down loss. In the next 2 years, up to 5000 jobs may be at risk.
The ABB said the move will impact the industry seriously. The UK politicians decided the maximum stakes on the FOBTs will be lowered to £2. This will diminish risk of players losing big amounts of money in a short time.