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According to officials, PACE executed search warrants at 19 illegal gaming businesses. Officials told us approximately 10 illegal gaming businesses shut their doors on their own as they saw the other locations being raided. APD officials said the search warrant executed on the 2500 block of Paramount Lane closed the last remaining illegal gaming business in Amarillo. During the course of the investigation, officials told us approximately 700 8-liner slot machines were seized as evidence. APD reminds that it is illegal in the State of Texas for 8-liner slot machines to pay cash or provide prized that exceed $5 in value.
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The upper limit will now be 2 pounds ($2.70), down from 100 pounds ($135), every 20 seconds. Politicians have given a very clear and succinct reason for the cap: Problem gamblers are a greater cost to society than to themselves. And, given how easy it is to get hooked, it takes drastic measures to make progress. The response from the gambling industry though not entirely uniform has been to protest at the shop closures, job losses and financial pain that will result. William Hill has said 900 of its stores would become unprofitable immediately, as more than two-thirds of its net revenue from gaming machines came from bets above the 2 pound limit. It said annualized adjusted operating profit would fall by an estimated 70 to 100 million pounds, after closures and cuts. But its hard to get that worked up about the corporate impact. Shares of GVC, William Hill and Paddy Power Betfair rose by 2 to 4 percent on Thursday. The change had been well-flagged this week and the bookies will have a few years to adjust.Gaming machines were a tremendous cash cow, but most future growth is expected to be online anyway. William Hill even rewards executives for business diversificationas part of their long-term incentive plan. Analyst forecasts for its earnings and dividends have only been adjusted downward by about 2 percent.
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