Betfred to close 132 shops amid wave of UK bookmaker cuts

UK betting shops continue to close at pace, with Betfred now joining Paddy Power and William Hill in cutting its retail estate after tax increases raised operating costs across the sector.

BBC reported that Betfred now becomes the latest operator to reduce its retail footprint, with plans to close 132 shops and cut more than 600 jobs starting in September.

The closures will affect more than a tenth of Betfred’s UK shops, and the company has launched a consultation process with staff at the affected locations. Once the closures are complete, Betfred will operate around 1,100 shops nationwide.

The company, based in Warrington, was founded in 1967 by brothers Fred and Peter Done, who hold a combined net worth of £3.61 billion ($4.87 billion).

Fred Done described the tax changes introduced in last year’s autumn budget as the “biggest threat” the industry has faced in his 57 years in the business.

Last year’s autumn budget raised remote gaming duty from 21% to 40% and introduced a new 25% online sports betting duty, covering all sports except horse racing, set to take effect in 2027.

Betfred also cited increases in employer National Insurance contributions and changes to related thresholds as contributing factors.

“We have tried hard to protect all our sites and the colleagues who work in them,” said Jo Whittaker, Chief Executive of Betfred. “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,” Whittaker said. “Our priority now is to support the colleagues affected, and to continue serving customers and communities across the rest of our estate.”

Paddy Power disclosed plans in October to close 57 betting shops across the UK and Ireland, putting 250 jobs at risk.

In January, William Hill and 888 owner Evoke said it had acted “quickly and decisively” to offset recent budget changes to gambling taxes through shop closures and cost-cutting measures.

Combined, Betfred and Paddy Power’s confirmed closures total at least 189 shops and more than 850 jobs at risk over the past year, with William Hill and 888 owner Evoke also citing shop closures and cost cuts without disclosing specific figures.