Betfred Cuts 600 Roles as 132 Betting Shops Close Amid Tax Pressure

Betfred has confirmed plans to shut 132 of its betting shops from September, a move that will see more than 600 jobs disappear across the UK. 

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The closures amount to more than a tenth of the company’s retail estate, leaving it with around 1,100 shops nationwide. The Warrington-based bookmaker, founded in 1967 by brothers Fred and Peter Done, pointed to rising taxes and economic uncertainty as the driving forces behind the decision. 

Fred Done, whose family wealth is estimated at £3.61 billion, described recent tax changes as the “biggest threat” he has faced in nearly six decades in the industry. 

The government’s autumn budget raised remote gaming duty from 21% to 40% and introduced a new 25% levy on online sports betting, set to take effect in 2027. Betfred also highlighted the impact of higher National Insurance contributions and changes to tax thresholds, saying these measures have added further strain on its business.

The company has launched a consultation process over the closures, which will affect staff and communities across the country.

A wider market trend

Betfred’s chief executive Jo Whittaker admitted the decision was painful, stressing, “We have tried hard to protect all our sites and the colleagues who work in them. But the combined impact of higher employer national insurance contributions, wage inflation, increases in gambling taxes and wider economic uncertainty has left us with no choice.”

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She added that the shops being closed are well-run and staffed by committed employees, but the current fiscal and regulatory climate has made it impossible to keep them all open. 

Whittaker said the company’s focus now is on supporting affected staff while continuing to serve customers across the rest of its estate.

The pressure is not unique to Betfred. Rivals have also been forced to cut back. William Hill and 888’s parent company Evoke said in January that they moved “quickly and decisively” to offset tax changes by shutting shops and reducing costs.

Paddy Power followed a similar path last October, announcing the closure of 57 betting shops across the UK and Ireland, a move that put 250 jobs at risk. 

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Source: BBC