UK bookmaker Betfred will close 132 betting shops and cut 600 jobs, citing rising gambling taxes and operating costs. Chief executive Jo Whittaker confirmed consultations with affected staff have begun.
After the closures, Betfred will operate 1,094 UK shops, down from a peak of 1,680 in 2017. Owner Fred Done warned that if the tax burden continues to climb, all remaining 1,200 locations could be at risk. He and his brother Peter paid £400 million ($537 million) in taxes last year, making them among the country's largest taxpayers. Beyond higher gambling duties, the government raised corporation tax — the combined effect proved critical.
'We tried to protect every shop and colleague, but the combination of increased National Insurance contributions, wage inflation, gambling taxes and general economic uncertainty left no choice,' Whittaker said.
Betfred is the second major UK operator to announce mass cuts in a month. Entain, which owns Coral, Ladbrokes and half of BetMGM, dismissed 500 people in early October — 2% of its workforce — citing operational efficiency. Both companies have sharply criticised government tax policy and called for enforcement against the black market rather than pressure on licensed operators.
The wave has reached the US as well. FanDuel cut hundreds in June, while Underdog, PrizePicks, Penn Entertainment, IGT and DraftKings ran their own rounds in recent months.
