UK bookmaker William Hill saw its online gambling revenue surpass retail operations for the first time in 2019, largely due to the forced shrinkage of its UK real estate.

Figures released Wednesday show Hills generating revenue of £1.58b in 2019, a 2% decline from 2018’s result, while booking a net loss of £37.6m versus a £722m loss in 2018. The 2018 results were the result of a major writedown in the value of Hills’ UK retail operations following the government’s imposition of a £2 maximum stake on fixed-odds betting terminals (FOBT).

That stake reduction forced Hills to shutter 713 shops in Q319, which resulted in FY19’s retail revenue falling 20% to £717m. Sports betting revenue was flat at £400m while gaming revenue fell by more than one-third to £317m, which pushed retail’s share of Hills’ overall revenue to 45%, down 10 points from 2018. Retail operating profit tumbled 45% to £83.2m.

Hills’ retail share will continue to fall in 2020 as last month saw the company announce the sale of 35 betting shops in Northern Ireland and the Isle of Man to rival BoyleSports. Hills averaged over 2,300 active shops in 2018 but the revised estate currently sits at 1,533.