Betfred has announced the permanent closure of more than 130 of its betting shops, or 11% of its locations, with an estimated 600 roles at risk.
The move, which follows evoke announcing the closure of 270 betting shops in April and Entain cutting 500 jobs earlier this month, comes in the wake of this April’s jump in remote gaming duty from 21% to 40% and ahead of April 2027’s hike in general betting duty from 15% to 25%.
Betfred owner Fred Done warned last November that punishing tax hikes could lead to the closure of all of the firm’s retail locations, which at the time numbered more than 1,200.
Confirming the closures in a statement on Friday 31 July, Jo Whittaker, CEO of Betfred, “It is with deep regret that we have today started a consultation with colleagues working in more than 130 of our shops regarding a proposal to close those locations.
“We have tried hard to protect all our sites and the colleagues who work in them, 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.
“Our priority now is to support the colleagues affected, and to continue serving customers and communities across the rest of our estate.”
Following the closures, the business will be down to an estate comprising fewer than 1,100 shops, having peaked at 1,680 in 2017.
Headcount will be roughly 6,800 following the redundancies. Sky News reported 600 roles are at risk, although Betfred did not confirm that number.
New UK prime minister Andy Burnham has gone on the record to criticise the prevalence of Adult Gaming Centres (AGCs), fuelling concerns in the sector of further blows to retail.
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Warrington-based operator points to impact of remote duty hikes, wage inflation and wider economic pressures as closures cut estate to under 1,100 locations
The post Betfred to shut more than 130 shops after tax hikes make it “impossible” to trade with full estate first appeared on EGR Intel.