Betfred is to close 132 betting shops and cut more than 600 jobs in one of the sector’s largest rounds of restructuring in recent years, as mounting tax costs and a tougher economic backdrop accelerate the contraction of Britain’s high street gambling industry.
The Warrington-based bookmaker said the closures, which are subject to consultation, will begin from September and reduce its retail estate to around 1,100 outlets.
The company blamed a combination of higher employer National Insurance contributions, rising wage costs, increased gambling taxes and broader economic uncertainty for the decision.
The announcement highlights the growing pressure facing labour-intensive consumer businesses as higher operating costs squeeze profitability. While betting companies have increasingly shifted towards online operations, maintaining extensive retail networks has become progressively more difficult amid rising employment costs and tighter regulation.
Jo Whittaker, Betfred’s chief executive, said the company had sought to avoid the closures but concluded they were unavoidable under the current business environment.
“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,” she said.
She described the affected shops as well-run businesses employing dedicated staff, but said the current fiscal and regulatory environment had made them economically unsustainable. The company’s immediate priority, she added, would be supporting affected employees while continuing to invest in its remaining estate.
The retrenchment reflects wider structural changes across the betting industry. Operators have been steadily reducing their physical presence as customers migrate online and regulatory costs increase.
William Hill owner Evoke said earlier this year it had moved “quickly and decisively” to offset higher gambling taxes through cost reductions and shop closures, while Paddy Power announced plans last autumn to close 57 betting shops across the UK and Ireland, placing around 250 roles at risk.
Recent tax changes have added further pressure to an industry already adapting to stricter regulation. Measures announced in last year’s Autumn Budget increased remote gaming duty from 21 per cent to 40 per cent, while a new 25 per cent online sports betting duty is due to take effect in 2027 for most sports outside horse racing.
For Betfred, founded in 1967 by brothers Fred and Peter Done, the latest restructuring marks a significant reduction in a retail network that has long been central to its business model. The Done brothers, whose combined wealth was estimated at £3.61 billion in the latest Sunday Times Rich List, built one of Britain’s largest independent bookmakers through decades of expansion on the high street.
The closures underline how rising tax burdens and persistent cost inflation are forcing companies across consumer-facing sectors to reassess their physical footprints, with employment often bearing the brunt of efforts to preserve profitability.
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