For decades, the bookmaker has been a staple of the UK high street. It would be unthinkable to have any kind of shopping centre without at least one bookmaker available to patrons. However, with the meteoric rise of online sports betting, are these bookmakers stores going to be a thing of the past?
The Original Rise Of The Bookies
High street betting was legalized in the 1960s, and that led to an explosion of bookmakers being opened on high streets all over the UK. They became the way of betting on sports, no matter what sport you are interested in or what odds you were looking for. In fact, over 10,000 bookies were opened across the UK within six months of the practice being legalized.
There have been many changes in the way bookies have operated in the UK over the years, and with changed in legislation, they have had to come up with multiple ways of bringing in the patrons. The most recent change was the introduction of Fixed Odds Betting Terminals, or FOBTs. These are machines that you will see in bookmakers across the country, where you can play games such as roulette or poker.
While these have been a money maker for these stores for years, there has been worries about the maximum stake on them being £100. With many feeling that was a dangerous level to have these machines at when they are build as a more casual betting option, in 2018 the maximum stake was legally set to just £2.
Such measures affects bookmakers in Ireland also where some of the top online bookies flourished while their high street counterparts struggled with new regulation.
The Closures Of Many UK Bookmakers
This legislation was just one of many issues that was beginning to affect physical bookmakers around the UK. After the decision was made, many bookmakers were beginning to shut their doors. Current numbers show that around 1,000 bookmakers were closed after the legislation, showing that it had a serious impact on the economy and the livelihoods of those working in the industry. William Hill alone had to shut around 700 of their stores.
Of course, these bookmakers have been up against some of the toughest competition, in the online bookmakers that have been launched in the last decade. With sports betting being made available in people’s homes, it wasn’t hard to see why so many people were making the switch to online betting.
On top of all this, the COVID-19 pandemic took its toll too. After stores were able to reopen after lockdown, many simply did not open back up as there weren’t the funds or demand for them. This can be seen in the number of stores that were open even in the last decade, versus now. In 2011, there were 9,067 stores open across the UK, and in 2020 that number had dwindled to just 7,681.
The Future Of The High Street Bookmakers
With all of the above in mind, is there a place for the bookmaker on the high street in this day and age? There are certainly are plenty of brands who are trying to combine their physical locations with their online ones. For example, Coral have rolled out their Connect card, that gives members special bonuses when they use their physical stores.
Also, many are looking towards the American model of sports betting, which is more entertainment based than ours. We may well see bookmakers pivoting towards this model, offering food, drink, and entertainment alongside the betting.
While the situation for the high street bookmaker does look dire at the moment, there are options available to brands out there right now. With some changes, the high street bookmaker can still be a fixture in the UK.