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

The bookmaker is set to shutdown 700 high street stores, putting 4,500 jobs at risk, after UK government clampdown on fixed-odds betting terminals.

William Hill Source: Bloomberg

William Hill announced that it plans to shutdown around 700 of its high street betting shops, putting more than 4,500 jobs at risk, after the UK government clampdown on fixed-odds betting terminals (FOBT).

The decision to close hundreds of physical locations came after the UK government limited the maximum stake on FOBT’s to £2 back in April, which has put a major dent in the company’s gaming machine revenues.

‘A large number of redundancies is anticipated with 4,500 colleagues at risk,’ the company said in a statement.

‘The Group will look to apply voluntary redundancy and redeployment measures extensively and will be providing support to all colleagues throughout the process.’

William Hill’s share price edges lower on store closures

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.

Learn more about trading William Hill and other stocks with IG.

Ladbrokes Coral also plans to close hundreds of stores

William Hill isn’t the only bookmaker closing high street stores in the wake of the government clampdown on FOBT’s, however, with rival Ladbrokes Coral looking to close around 900 locations.

‘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.

‘This is not a decision we are taking lightly, and we will be working hard to minimise the number of redundancies through redeployment within the business, whilst offering redundancy terms enhanced beyond the statutory requirement.’


IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Please see important Research Disclaimer.

European Central Bank meeting

Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement on 25 July 2019.

  • How might the next meeting affect the markets?
  • What are the key rate decisions to watch?
  • Why is the Governing Council announcement important for traders?

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.