Savills has let 4 Broadway in Peterborough to British gambling company Cashino Gaming Ltd.
The new lease on the two-storey retail unit will run for 15 years, bringing a new high street gaming venue to the city centre.
Permission was granted by Peterborough City Council in February. At the time, Cashino assured residents that the development would not be a betting shop - although it would fall under the same category.
A spokesperson for the company said: "Unfortunately, we're put into the same category as betting shops. This is because there is a widespread misunderstanding of how adult gaming centres (AGCs) operate and who our customers are.
"We want to address these misconceptions and demonstrate that a new AGC on your local high street is a good thing.
"Public concerns surrounding betting shops was largely due to the presence of fixed odds betting terminals. Our venues do not offer these types of machines. Our machines offer low stakes ranging from 10p to a maximum of £2. The average stake from our customer is between 30p to 40p. These machines have been around for many, many years.
"Our AGCs are where people come to spend their spare change, have a game of bingo and enjoy their favourite pastime in convenient locations. The market on the high street has evolved with venues now providing electronic bingo tablets."
Edward Gee, team associate director at Savills Peterborough, said: “Situated on one of the main thoroughfares in Peterborough city centre, Cashino is set to benefit from the considerable footfall generated by the nearby Queensgate shopping centre.
“This latest deal follows a recent flurry of activity from retail and leisure operators, proving that demand for well-located space remains, despite market uncertainty caused by the ongoing Covid-19 pandemic.”