Thursday, 4th July: Following the UK government’s implementation of capping fixed-odds betting terminals at £2.00, William Hill have stepped forward to admit that the new regulation has resulted in a significant drop in gambling-machine revenue. Today, the group revealed that the regulation had caused even more damage as they announced the closure of approximately a third of their betting ships in the UK, which equated to 700 shops and a loss of around 4,500 jobs. However, the market didn’t respond too badly to the news as the change f focus to online betting and the US looks optimistic. As a result, they were trading marginally higher but still below 1.0% for the majority of the day.
US markets paused on Thursday for the July 4th holiday which consequently caused the FTSE 100 to fall flat towards the end of the day and sterling to fall c.0.03% to $1.2579 against the dollar. However, the drop in Brent crude of 0.7% to $63.36 caused airlines IAG and easyJet to rise slightly by around 1.4%.
Although the blue-chip index made impressive progress throughout the week so far, on Thursday it failed to carry on with the same momentum as it closed 0.08% lower at 7603.58.