It was a tough year in 2019, the UKGC announced Fixed Odds Betting Terminal (FOBTS) maximum deposit to be cut from £100 to just £2 a bet. As a result, 100’s of betting shops throughout the UK and Ireland are set to close their doors with staff cuts imminent.
BoyleSports Interested in UK Market
BoyleSports, an Irish based bookmaker has acquired 35 William Hill premises throughout Ireland and a couple in the Isle of Man for an undisclosed amount. It’s expected to reach the £10-15 million mark after 33 shops were acquired in Ireland and a couple in the Isle of Man. The deal is the largest to date for BoyleSports who are now the largest bookmaker in the Emerald Isle.Over the past few years, BoyleSports have been looking to acquire more shops throughout Ireland and the UK, placing a firm foothold in the high street betting market. Last year, BoyleSports purchased 22 shops in Northern Ireland including the Bruce Betting chain and Mulholland Bookmakers.Midlands based Wilf Gilbert betting also sold it’s 13 betting establishments to BoyleSports making their debut in the UK market. The company, based in Dundalk, Northern Ireland has been looking at expansion in to the UK market and the latest deal with Wilf Gilbert is a move in the right direction.They have also revealed plans to build 100 betting shops within the UK, despite the strict regulations on FOBT’s.
Regulatory Pressure
William Hill entered the Irish market back in 2005 after acquiring betting chain Stanley Racing. Despite regulations in Ireland not applying, the Irish Government are in the process of changing laws surrounding betting and have already reduced the maximum stake to bring them more in line with UK regulation.The acquisition takes place with immediate effect but BoyleSports with take full operational control after 30 days, making the transition a smooth and effortless takeover.