Betfred has confirmed that 132 shops will close from September, with more than 600 staff affected. The company said the closures will hit more than a tenth of its betting shops, leaving it with around 1,100 shops across the UK.
The Warrington-based bookmaker was founded by brothers Fred and Peter Done in 1967. The pair have an estimated wealth of £3.61 billion, according to the most recent Sunday Times Rich List.
Why Betfred is closing shops
Chief executive Jo Whittaker said the company had no choice but to reduce its estate. "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," she said.
Whittaker added: "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."
Rival operators also cutting stores
Paddy Power and William Hill have both closed dozens of shops over the past year. In January, William Hill and 888 owner Evoke said it moved "quickly and decisively" to offset recent budget changes to gambling taxes through shop closures and cost cuts.
Last October, Paddy Power revealed plans to shut 57 betting shops across the UK and Ireland, a move that put 250 workers at risk.
Tax increases behind the closures
The closures come after the previous chancellor's autumn budget increased remote gaming duty from 21% to 40%. A new online sports betting duty of 25% is also due to apply to all sports except horse racing from 2027.
Betfred also pointed to the rise in National Insurance contributions and changes to thresholds as additional pressure on its business.
