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William Hill PLC Add to portfolio

LON250:WMH, Jul 18, 12:06 UTC

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Thursday, July 11


News

William Hill share price: what’s the outlook as jobs slashed?

WMH IGG

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure. William Hill’s share price tumbled as much as 2% to 158p on Thursday morning after the news of its store closures hit. However, its stock has since recovered, trading at 160p as of 16:10 GMT, a touch under its opening price of 161p. ‘We now expect up to 900 shops to be at risk of closure over the next two years as a result of the reduction in maximum stakes on FOBTs to £2,’ Ladbrokes Coral owner GVC said in a statement.

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Friday, July 05


News

Friday Papers: William Hill to close 700 betting shops

WMH

The Times: Bookmaker William Hill is preparing to close betting shops following a clampdown on lucrative fixed-odds betting terminals, which may result into thousands of job losses on Britain’s high streets. Financial Times: A diplomatic row between Tehran and the UK was triggered after British commandos seized a supertanker suspected to be smuggling Iranian oil to Syria. The Daily Telegraph: Foreign secretary Jeremy Hunt refused to rule out sanctions against Beijing over escalating tensions in Hong Kong, which could be bad news for British exports. The Daily Telegraph: Transport Secretary Chris Grayling has opened the door to keeping East Coast mainline, one of Britain’s busiest train lines, nationalised until 2025.

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Thursday, July 04


News

UK betting group William Hill plans 4,500 job cuts, Consumer

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UK betting group William Hill plans 4,500 job cuts. [LONDON] British betting company William Hill on Thursday said it planned to shut 700 shops with a loss of 4,500 jobs, blaming the UK government's crackdown on problem-gambling. Explaining its decision, William Hill said that since the start of April, when the government slashed the top wager for fixed-odds betting machines, "the company has seen a significant fall in... revenues". The job losses comprise about one third of the company's global workforce of 15,500 people, while the closures will leave it with 1,577 shops, according to a spokesman.

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William Hill branches in Worcester and Droitwich at threat of closure, after firms announce plans to axe 700 shops

WMH

Around 4,500 jobs are at risk after the betting firm announced plans to axe 700 betting shops, saying it has begun consultation meetings with 4,500 affected staff. William Hill blamed the closures on the Government’s decision to slash the maximum stake on controversial fixed-odds betting terminals (FOTBs) to £2 in April, which has hammered bookmakers’ sales. On its store closure plans, the group said: "The company has seen a significant fall in gaming machine revenues, in line with the guidance given when the Government’s decision was announced in May 2018.”. William Hill revealed in March it had swung to a pre-tax loss of £721.9 million in 2018 compared with a profit of £146.5 million the prior year after it took an £882.8 million hit on its retail operations in light of the FOTB stake reduction.

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William Hill to shut 700 British betting shops after curbs

WMH

William Hill to shut 700 British betting shops after curbs. William Hill, which last year warned that about 900 shops could be shut, said on Thursday it had suffered a significant fall in revenues since the change at would close 700 of them. The popularity of the terminals had helped to sustain a nationwide network of around 8,500 betting shops on British high street when more and more gamblers were using smart phones, tablets and computers to bet on sports such as soccer and horse racing -- the traditional mainstays of the industry. William Hill's rival GVC (L:GVC) has warned the stake limit would lead to the closure of up to a 1,000 shops and cut its 2019 core profit by about 135 million pounds ($170 million). And in May, Flutter Entertainment (L:FLTRF), formerly Paddy Power Betfair, forecast its revenue from fixed-odds machines would slump 43%, but said it did not see substantial changes in footfall at its shops as a result of the change.

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Shocked staff in tears at William Hill store closures and job losses

WMH

Shocked staff were left in tears at a central London branch of William Hill (WMH.L) after the betting firm announced plans to close around 700 stores. The company blamed the government’s new £2-a-spin cap on fixed-odds machines for the planned closures, a move intended to cut problem gambling but putting the future of leading firms’ branches at risk. One staff member fought back tears as she told Yahoo Finance UK she feared central London branches like hers could be most at risk because of higher rents. A lot of people are really pissed off. Some have worked here all their lives; they don’t have any other skills,” she said. But several customers at two London branches said they welcomed efforts to prevent gamblers becoming hooked and limit their losses, despite their sympathy for staff.

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William Hill to close 700 shops – here are the West Sussex shops that could be at risk

WMH

William Hill to close 700 shops – here are the West Sussex shops that could be at risk. William Hill is to close 700 betting shops across the country – putting 4,500 jobs at risk. It reads: “William Hill has entered into a consultation process with retail colleagues over plans to close around 700 licensed betting offices. “Since then the company has seen a significant fall in gaming machine revenues, in line with the guidance given when the Government’s decision was announced in May 2018.

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William Hill store closures put 4500 jobs at risk

WMH

William Hill store closures put 4,500 jobs at risk. William Hill PLC (WMH.LN) said Thursday that it plans to close 700 licensed betting stores, putting 4,500 jobs at risk, following the U.K. government's move to cap stakes on fixed-odds betting terminals at 2 pounds ($2.50). The U.K. betting company said it has experienced a significant reduction in gambling-machine revenue since the introduction of the new regulation on April 1. The company said it will look to apply voluntary redundancy and redeployment measures, but a large number of redundancies are anticipated.

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William Hill to close 700 shops with 4,500 jobs at risk

WMH

Around 4,500 jobs are at risk at bookmaker William Hill after it announced plans to axe 700 betting shops across the UK. William Hill blamed the closures on the government’s decision to slash the maximum stake on controversial fixed-odds betting terminals (FOTBs) to £2 in April, which has hammered bookmakers’ sales. William Hill – which has 16,000 employees across the group – said it would look to offer voluntary redundancy and redeploy affected staff “extensively” where possible, “providing support to all colleagues throughout the process”. William Hill revealed in March it had swung to a pre-tax loss of £721.9 million in 2018 compared with a profit of £146.5 million the prior year after it took an £882.8 million hit on its retail operations in light of the FOTB stake reduction.

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William Hill may axe 700 shops as FOBT reform bites

WMH

Bookmaker William Hill could close 700 high street shops, putting 4,500 jobs at risk, as new restrictions on fixed-odds betting terminals (FOBTs) begin to hit its profits. The firm warned earlier this year it could shut 900 shops after reporting a loss of £820m in the first six months of the year following the decision to slash maximum stakes on FOBTs from £100 to £2. It is now pressing ahead with a consultation on whether to cut the size of its store network as the loss of FOBTs makes it harder to mitigate the effect of customer migrating to online gambling sites, including its own. Several bookmakers, including Ladbrokes, have predicted that the size of their high street network will shrink, resulting in job losses, in the aftermath of the FOBT decision.

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