Betfred to close 132 shops and cut 600 jobs as firm cites gambling tax hikes

The company has launched a consultation over the Betfred shop closures, which will affect more than a tenth of its betting shops across the UK

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Gambling giant Betfred has announced it will shut 132 high street shops and axe over 600 jobs from September, blaming soaring taxes and economic turmoil for the drastic move.

The bookmaker has launched a consultation on the closures, which hit more than one in ten of its UK stores, leaving around 1,100 shops still trading. Betfred was founded in 1967 by billionaire brothers Fred and Peter Done, who are worth an estimated £3.61 billion, according to the Sunday Times Rich List.

“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,” Jo Whittaker, chief executive of Betfred, said.

“These are well-run shops, staffed by dedicated colleagues, and it is incredibly hard to see any of them close, but the current fiscal and regulatory environment has made it impossible to keep trading all our shops.

“Our priority now is to support the colleagues affected, and to continue serving customers and communities across the rest of our estate.”

Competing bookmakers Paddy Power and William Hill have similarly closed numerous outlets over the previous 12 months. In January, Evoke, which owns William Hill and 888, stated it acted “quickly and decisively” to counterbalance recent budget modifications to gambling levies through premises closures and expense reductions.

Last October, Paddy Power announced intentions to close 57 betting outlets throughout the UK and Ireland, placing approximately 250 employees’ jobs in jeopardy. The shutdown proposals follow tax hikes unveiled by the former chancellor.

Measures outlined in last year’s autumn budget included raising remote gaming duty from 21% to 40%, while a fresh online sports betting duty of 25% will apply to all sports excluding horse racing from 2027 onwards.

Betfred has also pointed to strain from additional tax rises, including the increase in National Insurance contributions and adjustments to thresholds.

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