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

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.Warrington-based Betfred was founded by brothers Fred and Peter Done in 1967. The pair have an estimated wealth of £3.61 billion, according to the most recent Sunday Times Rich List.Betfred owners Fred Done (left) and Peter Done with Charles (right) after the Betfred Derby (Andrew Matthews/PA)PA WireJo 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.“Our priority now is to support the colleagues affected, and to continue serving customers and communities across the rest of our estate.”Rival gambling operators Paddy Power and William Hill have also shut dozens of stores over the past year.In January, William Hill and 888 owner Evoke said it moved “quickly and decisively” to offset recent budget changes to gambling taxes through shop closures and cost cuts.Last October, Paddy Power revealed plans to shut 57 betting shops across the UK and Ireland, in a move which put 250 workers at risk.The closure plans come on the back of tax increases announced by the previous chancellor.Measures announced in last year’s autumn budget saw an increase in remote gaming duty from 21% to 40%, while there will also be a new online sports betting duty of 25%, which will cover all sports except horse racing, from 2027.Read MoreBetfred also highlighted pressure from other tax increases including the rise in National Insurance contributions and changes to thresholds.