Betfred to Close 132 Shops Amid Tax Increases

Betfred announces plans to shut 132 betting shops and cut over 600 jobs due to rising gambling taxes and economic uncertainty, affecting more than a tenth of its locations.

<p>Betfred has announced plans to close 132 of its betting shops and eliminate over 600 jobs starting in September, attributing the decision to increased gambling taxes and economic uncertainty.</p><p>The closures will affect more than 10% of Betfred's locations, leaving the company with approximately 1,100 shops across the UK. The firm has initiated a consultation process regarding the closures.</p><p>Founded in 1967 by Fred and Peter Done, Betfred cited tax increases from the previous chancellor as a significant threat to the industry. The recent budget raised remote gaming duty from 21% to 40% and introduced a new online sports betting duty of 25% set to begin in 2027. The company also faces additional pressures from rising National Insurance contributions and wage inflation.</p>