Betfred, a well-known betting company, is set to close 132 of its shops starting in September, resulting in the loss of over 600 jobs. The decision to shut down these shops comes as a response to economic pressures and increased taxation, according to Jo Whittaker, the chief executive of Betfred. Despite efforts to protect all sites and employees, the company cited challenges such as higher employer national insurance contributions, wage inflation, gambling tax hikes, and overall economic uncertainty as reasons for the closures.
Founded in 1967 by brothers Fred and Peter Done, Betfred currently operates around 1,100 sites across the UK. The closures will impact more than a tenth of the company’s betting shops, leaving them with the challenging task of supporting affected colleagues while continuing to serve customers in their remaining estate.
This move by Betfred follows similar actions taken by industry competitors like Paddy Power and William Hill, who have also closed numerous stores in response to changing economic conditions and tax regulations. The gambling sector has been particularly affected by recent tax increases, including a significant rise in remote gaming duty and the introduction of a new online sports betting duty. These changes have put additional pressure on companies like Betfred, leading to the difficult decision to scale back operations and reduce costs through shop closures.
