Betfred is preparing to permanently shut down 132 betting shops in a major business overhaul that will see 600 jobs lost.
One of the UK’s biggest high street betting shops is being forced to shutter dozens of sites following a recent tax raid on the sector.
The company, which is owned by co-founder Fred Done, is understood to have told employees about the plans earlier this morning.
Some 10 per cent of Betfred’s retail portfolio will leave the high street for good, with a consultation process for affected workers due to take place.
Betfred is closing dozens of shops after tax raid
|
GETTYJo Whittaker, Betfred chief executive, said: “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.”
High streets have been hit by a wave of closures since the pandemic | PA
Labour’s gambling tax reforms are in response to the rise in online gambling | GETTY
Betfred joins the ranks of Ladbrokes-owner Entain and Evoke, William Hill’s parent company, in the wake of the gambling sector being hit by tax hikes from the Labour Government.
Earlier this month, Entain slashed two per cent of its workforce, with Paddy Power also reducing its number of betting shops in recent months.
Notably, Betfred’s closure announcement represents the largest downsizing so far since gambling levies went up.
In November 2025, Mr Done sounded the alarm over the sector’s growing tax burden and hinted the sector could face widespread store closures.
The high street has been hit with store closures in recent months. | PA
Former Chancellor Rachel Reeves opted to raise taxes on the betting sector during her last Budget, with John Healey replacing her earlier this month.
Under Labour, the rate paid on Remote Gaming Duty jumped from 21 per cent to 40 per cent on April 1, 2026.
As well as this, Ms Reeves introduced a new 25 per cent General Betting Duty for remote betting, which will come into effect from April 1, 2027.