There was a time when the local bookie was a staple in most towns and suburbs around the country. The likes of a newsagent, a post office and a bank were ever present and, for better or worse, more often than not so was a small shop with “turf accountant” on the window along with an image of a horse race or greyhounds.
Those days are fast receding into history. The big banks’ step back from the high street has been well documented and bookmakers are following the same pattern.
Paddy Power said this week it is considering shutting another 100 or so shops across the UK and Ireland. The move, which if followed through would put about 400 jobs at risk, means the company is set to cut a fifth of its shops.
This is just the latest sign of the changing face of gambling. A generation ago it was overwhelmingly in person and focused on horse racing and the dogs. These days, the vast majority is done on a smartphone and is focused on football. Indeed, many modern bettors are unlikely to have ever been in a shop and arguably would be a fish out of water if they had to take a pencil and slip and fill their bets out the old way.
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The latest round of cuts comes less than a year after Paddy Power closed 28 shops in Ireland. And there are likely to be more to come.
The direction of travel is clear and, perhaps more pertinently these days, its parent Flutter Entertainment is under severe pressure. Dan Taylor will take over as chief executive next month amid a plunging share price.
The company has pledged to take out $500 million (€430 million) in gross costs by 2029 and the physical shops are expensive to maintain when their sales are dropping. It also allows the company to focus on shoring up its FanDuel brand in the US, which it hopes will be the engine of future growth.
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It is easy to see the closure of bookies shops as a good thing. After all, for many these are dens of iniquity and as a society we are better off being rid of them.
In truth, though, it just means the big firms don’t need them any more. The phone in everyone’s pocket is far more lucrative, gives them more customer information and provides a door to betting at any time of the day or night. Perhaps in the future we may even look back fondly at those old shops.
