One of the biggest bookmakers in the UK, William Hill, has announced the closure of 680 shops because of changes to fixed-odds betting terminals (FOBTs). There are much stricter rules imposed here, which will eventually lead to 4,500 people losing jobs. New regulations were enforced in mid-April, focusing on the maximum FOBT stake and lowering it from $125 per spin to just $2.50. Some of the competitors like Ladbrokes Coral Group and Betfred have posted their reduction plans because of this last month. Ladbrokes Coral will close around 900 shops with the loss of 5,000 jobs, while Betfred will close 500 shops/2,500 redundancies. Their experts have evaluated that this change is going to cut high street incomes by half, which is why the layoffs seem so drastic. Some other rival companies like PaddyPower Betfair though decided to keep the numbers as they are, predicting very small changes in profit margins. All these companies combined could release close to 13,000 staff.
Government’s former Minister of Sport, Tracey Crouch backed up the changes on FOBTs stakes, adding that reduction was justified, so there is no one really to blame for the closures. Her main point throughout the year was that high streets were over-populated by bookmakers, mainly because of high profitability caused by slot machines. If your high street shop is getting closed soon, you can look at online alternatives. Sites like Casinobiggestbonus, for instance, are comparing the top casino bonuses offers in the UK.
Mohegan Gaming and Entertainment’s Lodges Greece casino resort bid
Mogehan Gaming and Entertainment are still trying to pursue permission to construct and run a new casino facility just outside of the Greek capital town, Athens. Allegedly this company has teamed up with one of the biggest construction companies in Greece, called GEK Terna, lodging a bid for the redevelopment of Ellinkikon International Airport just outside of Athens. However, Reuters reported in early July that the Greek Government has other plans. Allegedly, they have issued permission to local real estate company Lamda Development to build a seaside resort in this place, including dozens of luxury hotels, villas, and casinos near the marina. The whole project is financed by Eagle Hills from Abu Dhabi and Chinese company Fosun Group. Many firms are interested to run gambling operations and there is going to be an official event to submit offers and plans. Those who get accepted will receive 30-years license with a clause to spend at least $34 million of their own cash in the construction process.
Chief Executive Officers of Mohegan Gaming and Entertainment Mario Kontomerkos stated that company feels optimistic after pairing up with GEK Terna, adding their project would open thousands of job positions and massive benefits for the Greek economy. It is not a big secret that the financial situation in this country has been unstable for the last two decades.
Melco International Development Limited Reports a Big Success In Cyprus
Casino operator Melco International Development Limited in Cyprus are achieving big success in 2019. Their chain of Cyprus Casinos had 880,000 visitors so far in this year and could hit the landmark figure of one million in upcoming weeks. The first casino opened by this company was near Limassol in mid-June 2018. This is just a temporary facility, designed to welcome guests only until the City of Dreams Mediterranean venue is built. Property President of Melco International Development Limited Craig Ballantyne was the one who presented the results on a number of visits, adding that company is very satisfied with the success achieved in Cyprus and hoping to see another benchmark brought down in a near future. The company opened 800 job places on this island, and a very high percentage of those workers is Cypriot citizens. The construction of the big venue is planned to be finished by 2021.
Puerto Rico Close To Legalizing Sports Betting
The Senate and the House of Representatives in Puerto Rico are very close to approving a law that will fully legalize sports betting, both online and land-based. The law will also allow betting on Esports and fantasy sports. All the paperwork has been submitted, and now they lack a signature of Governor Ricardo Rossello.
There is going to be a brand new Gaming Commission in this country if Rossello signs the papers. The director is going to be appointed by voting, but the main requirement is to have at least 5 years in this type of business. Later on, the Commission should create a regulatory body to monitor the gambling industry. This body will also govern all existing sports betting groups, including the Gaming Division of the Tourism Office and Horse Racing Betting Administration. It is worth adding that it will take time to license all sectors at the initial launch. Opening of sports betting shops is going to be forbidden less than 100 meters away from religious objects, schools or rehabilitation buildings for gambling addicts.
The price of the license is not determined yet, but the minimum amount of licensing fee is going to be $50,000. Land-based shops will pay 7% taxes, while online sportsbooks will give out 12%.