William Hill could close 700 of its licensed betting shops putting 4,500 staff at risk, it's been revealed.
The betting giant announced on Thursday it has entered into a consultation process with colleagues over the plans.
The firm has said the news follows the Government’s decision to reduce the maximum stake on fixed odds betting terminals (FOTBs) to £2 in April this year.
The group will now ask its staff to apply for voluntary redundancy, with closures likely "before the end of the year".
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A spokesman said 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.
He said: "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."
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William Hill had 2,282 betting shops in September last year, according to the Gambling Commission.
Before the Government's decision to reduce the maximum stake on FOTBs, William Hill had said it feared 900 shops would be at risk of closure.
he changes were designed by the Government to help those affected by problem gambling.
Dr Gordon Fletcher, retail analyst at the University of Salford Business School said: "Today's announcement sends out a series of messages.
"William Hill is the largest betting operator in the 海角视频 and 700 outlets represents a third of all their physical outlets and endangers the jobs of a quarter of the current employees. This is a big decision for the company.
"Fewer betting outlets will be seen as a victory by campaigners. Along with charity shops, betting outlets are seen as having a negative impact on the overall experience of the high street and a real deterrent to people visiting.
"While charity shops have enjoyed a renaissance with greater public awareness of sustainability and recycling, no similar positive uplift can be found in the betting industry. Only six year ago, the BBC reported on the high street in Newham where there were 18 betting shops."
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Speaking about the primary reasons for the closure to be the recent changes to the maximum bet on fixed odds terminals, he said: "This is another victory for campaigners seeking to reduce the harmful effects of gambling on individuals and families.
"However, the rise of the online gambling industry has to be seen as a more fundamental reason for William Hill fleeing the high street.
"In this way the company can shed the burden associated with the cost of rent and wages to more dynamically respond to changes and competitors in the sector.
"It will also have the arguably less desirable side-effect of moving some problem gambling off the high street and into the privacy of the home and onto personal screens."