Betfred has announced plans to close 132 shops and cut over 600 jobs, citing increased gambling taxes and economic uncertainty as key factors. This decision represents a significant reduction, affecting more than 10% of its betting shops across the UK.
The closures come after the previous chancellor’s budget raised remote gaming duty from 21% to 40%, alongside a new online sports betting duty set to begin in 2027. These tax hikes are seen as a major threat to the gambling industry, prompting Betfred to take drastic measures to remain viable.
Jo Whittaker, Betfred’s CEO, expressed the company’s struggle to maintain operations amidst rising costs, including National Insurance contributions and wage inflation. The firm aims to support affected employees while continuing to serve customers at its remaining locations.
This trend is not isolated; other gambling operators like Paddy Power and William Hill have also closed numerous stores recently, highlighting a broader industry challenge. As these closures unfold, the impact on local economies and employment will be closely monitored.
Source: BBC News
