Betfred, a major high street bookmaker, is closing over 10% of its stores due to the current fiscal and regulatory environment. The company's decision affects employees and customers who rely on these locations for gambling services.
Chief executive Jo Whittaker stated that the combined impact of higher employer national insurance contributions, wage inflation, increases in gambling taxes, and wider economic uncertainty has forced the business to shutter stores. Despite efforts to protect all sites, the company has been left with no choice but to close certain locations.
The closure of Betfred stores comes as the UK government continues to impose stricter regulations on the gambling sector. Last year's Budget introduced measures to hike remote gaming duty from 21% to 40%, with a new 25% tax introduced on online sports betting from 2027, covering all sports except horse racing.
Other high street bookmakers have also faced financial difficulties in recent years. Rivals Paddy Power and William Hill have closed dozens of their stores across the UK and Ireland. Paddy Power plans to shut 57 of its brick-and-mortar stores, while William Hill's owner Evoke has had to act quickly to offset the costs of changes to gambling taxes.
The closure of Betfred stores will undoubtedly affect employees who will lose their jobs. The company's priority is now to support the colleagues affected and continue serving customers across its remaining estate.
