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Betfred to cut 600 jobs as 132 shops close amid industry tax raid
Rising costs and higher gambling taxes are driving the overhaul, leaving Betfred with about 1,100 shops after the closures.
- Betfred announced a major business overhaul, planning to permanently close 132 shops and cut more than 600 jobs, with a consultation process launched for affected staff.
- Chief executive Jo Whittaker blamed 'increasing cost pressures and challenging market conditions,' citing higher employer National Insurance contributions, wage inflation, and gambling tax increases as drivers of the decision.
- Rival gambling operators Paddy Power, William Hill, and Evoke have also announced closures recently, having shut dozens of stores over the past year to offset tax changes and economic pressures.
- Measures announced in last year's autumn budget increased remote gaming duty from 21 per cent to 40 per cent, while a new online sports betting duty of 25 per cent will cover most sports from 2027.
- Founded by brothers Fred and Peter Done in 1967, Betfred will retain around 1,100 shops; the pair have an estimated wealth of £3.61 billion according to the Sunday Times Rich List.
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Total News Sources39
Leaning Left4Leaning Right4Center27Last UpdatedBias Distribution77% Center
Bias Distribution
- 77% of the sources are Center
77% Center
12%
C 77%
11%
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