PUNTERS in Lochgelly were shocked on Friday morning when they were preparing for session at the Scotbet shop in Knockhill Close.

A sign was posted on the shutters and the shop suddenly closed with people left on the street bewildered.

The poster said: "Paul Dounis and Gareth Harris of RSM Restructuring Advisory LLP have been appointed as Joint Receiver of Scotbet Limited on July 19.

"The company and the shop have both ceased to trade from this date and these premises have been closed as at the date of receivership".

The business has been acquired by newly-formed Scotb 123 in a pre-pack deal, safeguarding 127 jobs with 30 shops remaining open, including the outlet in Cardenden.

The company has been hit by increased competition, a shift towards online betting and changes to the maximum Fixed Odd Betting Terminal stakes.

A number of bookmakers have warned of closures and cutbacks following the introduction of a £2 maximum stake on FOBTs which have been blamed for adding to gambling addiction issues.