Betfred is set to reduce the size of its UK retail network, with plans to close 132 betting shops and cut more than 600 roles as the operator responds to mounting cost pressures.
The company attributed the decision to a combination of factors, including recent gambling tax increases, rising operating expenses and broader economic pressures. Betfred founder Fred Done previously warned that higher taxes represented the “biggest threat” to the industry in his 57 years in the business.
Changes introduced in the previous government’s Autumn Budget included an increase in remote gaming duty from 21% to 40%. A new 25% online sports betting duty is also due to come into effect in 2027, applying to all sports except horse racing.
Betfred said additional pressures from tax increases including higher National Insurance contributions further increased costs for the business.
The bookmaker has begun a consultation process with affected employees and said the closures would impact more than 10% of its estate, leaving it with approximately 1,100 shops nationwide.
Jo Whittaker, Chief Executive of Betfred, stated: "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.
"Our priority now is to support the colleagues affected, and to continue serving customers and communities across the rest of our estate."
Other major UK betting operators have also taken steps to reduce their retail footprints including William Hill, Evoke and Paddy Power.
The Gambling Survey for Great Britain recently found that problem gambling rate stood at 2.4% in 2025, down from 2.7% in 2024 but broadly stable over three years of GSGB data
