Bookie Betfred warns 4,500 jobs at risk as government combats the 'crack cocaine' of gambling

Government announced today that the maximum stake for fixed-odds betting terminals will be slashed from £100 to £2. Betfred claims that 4,500 jobs are at risk and 900 of its shops will lose money. William Hill warns that its business could be hit by the changes. It is estimated that it could reduce its gaming net revenues by as much as 45%. The stake cut could also hit annual earnings by between £70 million and £ 100 million. The impact on the horseracing industry could take a big hit. It will take some time for the full impact to be understood.