Following in the footsteps of William Hill, Coral has discussed the closure of betting shops in the future as a result of the government’s decision to increase Games Duty by 5%.
A statement alongside the second quarter financial figures from parent company, Gala Coral, included, “As a result of the announced changes, and consistent with statements made by our competitors, the group regards shop closures, and therefore job losses, as inevitable.”
Nonetheless, Coral has seen an increase in gross profits of 3% to £215 million. There has been a strong online performance and growing numbers on the mobile platform.
The company has taken the government’s regulations very seriously and is looking to competitors and the system to decide its future. The shift from high street to online retailing is a prominent issue and it’s only a matter of time before shop closures will be announced.