A bookmakers that has eight shops in Burnley has announced plans to close up to 700 of its betting shops.
Household name William Hill has also said a large number of redundancies was anticipated, with 4,500 employees at risk of losing their jobs.
The firm added that the move followed the government's decision in April to reduce the maximum stake on fixed-odds betting terminals to £2.
Since then, the company added, it had seen 'a significant fall' in gaming machine revenues.
A spokesman for the company said: "The group will look to apply voluntary redundancy and redeployment measures extensively and will be providing support to all colleagues throughout the process.
"Subject to the outcome of the consultation process, shop closures are likely to begin before the end of the year."
William Hill currently has 2,300 shops and 12,500 employees.
Eight of these are scattered across Burnley and Padiham located at St James Street and Parker Lane in Burnley town centre, Rosegrove Lane, Coal Clough Lane, Padiham Road, Colne Road, and the Briercliffe Road shopping outlet. There is also a shop on Burnley Road, Padiham.
The government cut the maximum stake on fixed-odds betting terminals, which had previously been £100, because of widespread concern that players were able to lose large amounts of money in a short space of time.
At the time, the Association of British Bookmakers warned that the move would lead to job losses in betting shops.
William Hill also has two shops in Nelson located in the Victory Centre and Barkerhouse Road and also Railway Street in Brierfield.
There is also a branch in Clitheroe's King Street.
Today's announcement comes hot on the heels of another high street giant announcing store closures.
Health and beauty chain Boots, which has a store in the heart of the Burnley town centre, and smaller pharmacies based in Yorkshire Street and Crowther Street in the town announced the closure of 200 stores nationwide.