Betfred Cuts Back
Betfred Announces 132 Shop Closures and 600 Job Cuts Amid Rising Taxes and Economic Pressures
Anonymous
Key Points
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An executive told the Racing Post the closure plan was 'like killing your own babies,' highlighting the deep pain of shrinking Betfred's high-street footprint.
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Post-closures, Betfred will operate about 1,100 shops nationwide (roughly a tenth of its UK portfolio).
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Peers have followed suit in shuttering outlets as part of sector-wide cost pressures, with Paddy Power and William Hill having closed premises recently, and Evoke (owner of William Hill and 888) pursuing similar measures.
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The move arrives amid UK tax changes, including near doubling of Remote Gaming Duty earlier this year and an upcoming Betting Duty increase from April next year.
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Betfred’s founders, Fred Done and Peter Done, are among the UK's highest taxpayers, with about £400 million contributed in tax payments last year.
Betfred is closing 132 betting shops and cutting more than 600 jobs, the company confirmed this week. The closures, which begin in September, will wipe out over a tenth of its UK retail presence, according to Chronicle Live and Yahoo News.
The bookmaker blamed rising gambling taxes and broader economic uncertainty for the cuts. One Betfred executive described the closure plan as "like killing your own babies," capturing the scale of pain behind the decision, Yahoo News reported.
Tax Hikes Push Betfred to Slash Its High-Street Footprint
The UK government has turned up the heat on gambling operators. Remote Gaming Duty — a tax on online betting — nearly doubled earlier this year. A further Betting Duty increase is set to arrive in April next year. Betfred's leadership says these costs have made it impossible to keep all shops open, according to World Casino Directory.
The Done brothers — Fred and Peter, who founded Betfred — are among the UK's highest individual taxpayers. The pair contributed around £400 million in tax payments last year alone, Yahoo News reported. Even so, the company says the current tax regime leaves it no choice but to shrink.
600 Workers Face Redundancy as Consultations Begin
Betfred has started formal consultations with affected staff. More than 600 employees stand to lose their jobs when the 132 shops shut their doors from September onward. The company says the move is a defensive step to protect its remaining 1,100 shops across the UK, according to Nottingham Post.
Betfred framed the cuts as painful but necessary. Executives said keeping all outlets open would threaten the wider business. Closing the underperforming shops, they argued, is the only way to preserve jobs and services in communities where it can still trade profitably, Chronicle Live reported.
Rivals Are Shutting Shops Too as Sector Contracts
Betfred is not alone. Paddy Power and William Hill have both closed premises in recent months. Evoke — the group that owns William Hill and 888 — is pursuing similar cost-cutting measures. The pattern points to an industry-wide retreat from the high street, according to World Casino Directory.
The closures are adding up across the sector. Fewer licensed shops means fewer customers walking through doors, and that ripples outward. Horse racing alone stands to lose around £4 million a year in revenue as a direct result of Betfred's shop closures, Yahoo News reported.
What Comes Next for Betfred and UK Betting Shops
After the closures, Betfred will run about 1,100 shops — still one of the largest retail betting networks in the UK. The company has not ruled out further cuts if tax pressure continues to build, according to Head Topics.
The broader question is whether the UK high-street bookmaker can survive in its current form. With more tax changes on the horizon and operating costs rising, industry watchers warn the sector could see even more consolidation in the months ahead, Chronicle Live reported.
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