William Hill Report $950 Losses but Still Coming to the US
British casino giants, William Hill has been badly affected by the gambling legislation in the UK. They have been reported to have lost $954 million in revenue this past year. The reduction is suggested to be the result of the fixed-odds betting terminals rule. It makes sense why the company is looking to expand to the United States. The move to North America will also spell out a loss of employment as approximately 900 stores would need to be closed. Read on to find out how the legislation has shaped William Hill’s decision to head to the US.
William Hill 2018 Financial Year
Despite the losses that William Hill experienced in 2018, the betting firm had a much better year than in 2017. The company has tons of stores that are fitted with slot machines. Prior to the enactment of the FOBT legislation, the betting limit could rise up to $132 per spin. Nowadays, the machines are fixed at $2.64 per spin, which meant that the bookmaker had to downgrade the value of most of its outlets.
What Fixed-Odds Betting Terminal Means
In the United Kingdom, there was an introduction of gaming machines in 2001 that would offer simulated games at local shops. These traditional slot machines did not feature a maximum cap on the bets that players can wager on the machines. The new law prescribed that local stores should have a maximum betting limit on all the slot machines. These efforts were intended to curb the hike of gambling addiction in the UK.
This implementation of the FOBT rule has drastically affected the bottom line of multiple businesses in the UK. While William Hill is the first company to seek refuge in other markets, we wait to see how it is going to affect the gambling industry there. There have been more countries in Europe that are also gravitating towards implementing a similar plan on their gaming machines as well. If you don’t want to be limited in your gaming spend when playing slot games for real money, had over to our trusted casino sites today.
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