Betfred to Axe 600 Jobs and Shut 132 Betting Shops Following Tax Hikes
The Warrington-founded bookmaker has entered into a formal consultation process over the proposed closures, which will affect more than 10 per cent of its total retail footprint
High street bookmaker Betfred is set to close 132 betting shops and cut over 600 jobs starting from September, citing rising operational costs, higher gambling duties, and wider economic headwinds.
The Warrington-founded bookmaker has entered into a formal consultation process over the proposed closures, which will affect more than 10 per cent of its total retail footprint. The moves will leave the company with approximately 1,100 shops operating across the UK.Founded in 1967 by brothers Fred and Peter Done—who hold an estimated net worth of £3.61bn according to the latest Sunday Times Rich List—the group warned that aggressive changes to the UK’s fiscal regime have made operating physical estates increasingly unviable.
Regulatory Pressures and Escalating Costs
- The decision follows fiscal changes introduced in the previous Chancellor's Autumn Budget, which included:
Remote Gaming Duty: Increased from 21 per cent to 40 per cent.
Online Sports Betting Duty: A new 25 per cent duty set to take effect from 2027 (excluding horse racing).
Employment Overhead: Higher Employer National Insurance Contributions (NICs) alongside national minimum wage increases and rising operational inflation.
Company founder Fred Done previously described the tax changes as the "biggest threat" to the betting industry in his 57 years of trading.
Outlining the business rationale behind the closures, Betfred Chief Executive Jo Whittaker said:
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.
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.
Industry-Wide Retail Retreat
Betfred’s retrenchment reflects a broader rationalisation across the UK high street retail betting sector. Rival operator Evoke—parent company of William Hill and 888—confirmed earlier this year that it was taking "quick and decisive" action to offset tax hikes through targeted shop closures and cost-cutting initiatives.
Similarly, Flutter Entertainment-owned Paddy Power announced plans late last year to shutter 57 shops across the UK and Ireland, placing roughly 250 jobs at risk.
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