National bookmaker William Hill has announced plans to close 700 of its licensed betting offices across the country, putting 4,500 jobs at risk.
The company, which has two betting shops in Lincoln, has said it is currently entering a consultation process over closure plans.
This comes following the the government’s decision to reduce the maximum stake on B2 gaming products to £2 on April 1, 2019.
A spokesperson for William Hill has said: “William Hill has entered into a consultation process with retail colleagues over plans to close around 700 licensed betting offices.
“This follows the government’s decision to reduce the maximum stake on B2 gaming products to £2 on April 1, 2019.
“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.
“A large number of redundancies is anticipated with 4,500 colleagues at risk.
“The group will look to apply voluntary redundancy and redeployment measures extensively and will be providing support to all colleagues throughout the process.
“Subject to the outcome of the consultation process, shop closures are likely to begin before the end of the year.”