Betfred to shut 132 shops and axe 600 jobs after gambling tax hikes

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Betfred has said it plans to shut 132 shops and cut more than 600 jobs from September, as the gambling firm blamed higher taxes and economic uncertainty.

The company said it has launched a consultation over the closures, which will hit more than a tenth of its betting shops.

The move will leave Betfred with around 1,100 shops across the UK.

It comes after rivals Paddy Power and William Hill have also shut dozens of stores over the past year.

Jo Whittaker, chief executive of Betfred, said: “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.”

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