BIRCHWOOD-based bookmaker Betfred has announced plans to close 132 betting shops across the UK, putting around 600 jobs at risk, as it cites rising gambling taxes and increasing business costs as reasons for the major restructuring.
The company, one of the UK’s largest privately-owned bookmakers, said the closures will begin from September and represent more than 10 per cent of its retail estate, reducing its High Street presence to around 1,100 shops.
Betfred said the decision had not been taken lightly but argued that a combination of higher gambling taxes, increased employer National Insurance contributions, rising wage costs and wider economic pressures had made many shops financially unsustainable.
Chief Executive Joanne Whittaker said the closures would affect “well-managed shops and committed colleagues” but insisted the business had been left with little alternative in the face of mounting financial pressures.
The announcement represents a significant blow for the retail betting sector and comes just months after Betfred warned that further increases in gambling taxation could threaten the future of its High Street business. Last year, the company said proposed tax changes could have devastating consequences for bookmakers operating physical betting shops.
Although Betfred has yet to confirm which individual shops will be affected, the company said it would begin a consultation process with staff whose roles are at risk.
The move also reflects wider pressures facing the gambling industry. Rival operator William Hill has already announced hundreds of shop closures, while Ladbrokes owner Entain recently confirmed around 500 job losses as operators seek to offset rising costs and anticipated tax increases.
Betfred, founded by Fred Done in 1967, has grown from a single betting shop into one of Britain’s best-known bookmakers, employing thousands of people nationwide. Its headquarters remain in the former Spectrum Arena building at Birchwood, Warrington, where the company continues to base its senior management and support operations.
Industry leaders have warned that increasing taxation could accelerate the decline of betting shops on Britain’s High Streets, while the Government argues changes to gambling duties are intended to modernise the tax regime and ensure operators make a fair contribution to the public finances.
