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Bookies William Hill, Paddy Power set out cost of new gambling curbs

Reuters - UK Focus

May 17 (Reuters) - Bookmakers William Hill and Paddy Power Betfair said plans to cut the maximum stake on fixed odd betting terminals in Britain to two pounds would hit gaming revenue hard.

William Hill (Frankfurt: 633847 - news) expects total gaming net revenue to fall by 35-45 percent, while Paddy Power (EUREX: 27913021.EX - news) sees a 33-43 percent decline in its machine gaming revenue.

Rival GVC Holdings Plc said it expects to be able to reposition its business within two years following implementation, with fully mitigated impact of about 120 million pounds on its core earnings.

The cut to two pounds from the current 100 pounds ($136) curtails a major source of revenue for high street bookmakers and potentially puts jobs at risk.

(Reporting by Arathy S Nair in Bengaluru Editing by Keith Weir)