Betfred, founded by brothers Fred and Peter Done from Greater Manchester in 1967, has announced plans to close 132 betting shops and cut more than 600 jobs from September. The bookmaker blamed higher gambling taxes and economic uncertainty for the decision.
The closures represent more than a tenth of Betfred's UK-wide betting shops. A consultation is now under way, although no specific branches have yet been identified. The company expects to be left with around 1,100 shops once the closures are completed.
Why is Betfred closing shops?
Betfred said the combined impact of higher employer national insurance contributions, wage inflation, increases in gambling taxes and wider economic uncertainty left it with no choice but to reduce its estate. The company described the affected sites as well-run shops staffed by dedicated colleagues.
Jo Whittaker, chief executive of Betfred, 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."
What tax changes are behind the closures?
The move follows tax increases announced in last autumn's budget by the previous chancellor. Remote gaming duty is set to rise from 21% to 40%, and from 2027 a new 25% online betting duty will cover all sports except horse racing.
Betfred also highlighted the pressure of other tax increases, including changes to employer national insurance contributions and thresholds.
Broader industry pressure
Other gambling operators have also reduced their high-street presence. Paddy Power and William Hill have closed dozens of outlets over the past year. In January, William Hill and 888 owner Evoke said it moved 'quickly and decisively' with closures and cost cuts to offset budget changes to gambling taxes. In October, Paddy Power revealed plans to shut 57 betting shops across the UK and Ireland, placing 250 workers at risk.
