Betfred has announced plans to close 132 betting shops across the United Kingdom and reduce its workforce by more than 600 employees. The closures are scheduled to begin in September, after which the company will operate around 1,100 outlets nationwide. The firm has initiated a consultation process with affected staff as part of the planned reductions.
The Warrington-based bookmaker, established in 1967 by brothers Fred and Peter Done, cited several financial pressures driving the decision. Chief Executive Jo Whittaker attributed the closures to the combined impact of higher employer National Insurance contributions, wage inflation, increased gambling taxes, and broader economic uncertainty. She emphasized the company’s efforts to preserve its retail locations but acknowledged these costs made continued operation of all shops unviable.
Whittaker described the shops as well-managed and staffed by committed employees, expressing regret over the necessity of these measures. Betfred currently operates approximately 1,226 branches, and the downsizing follows a similar trend among other gambling firms contending with rising expenses.
Recent tax changes introduced under former Chancellor Rachel Reeves have significantly increased levies on gambling. Taxes on online casino games and slots have risen from 21% to 40%, while rates on sports betting have doubled from 15% to 25%. These hikes have been cited as a significant factor impacting the profitability of betting companies. In response, some competitors have also announced closures and job cuts. For example, William Hill and 888 owner Evoke announced plans in January to close around 270 shops and implement cost reductions, while Paddy Power revealed a plan to shutter 57 locations in the UK and Ireland last October. Additionally, gambling operator Entain recently cut 500 jobs, attributing £200 million in additional annual costs to the increased taxes.
The company and its rivals have linked these financial pressures directly to the decisions to reduce retail footprints, suggesting that government tax policies and employment cost increases contribute significantly to challenges facing the sector. Betfred stated its priority remains supporting employees affected by the closures during the consultation period.