Hundreds of jobs to be axed at bet365 in huge blow to betting industry – as Labour’s tax raid makes ‘major impact’

HUNDREDS of jobs will be lost at bet365 after the “major impact” of Labour’s high taxes on the sector. The betting firm will shed 340 jobs in total with 300 posts going at its Stoke-on-Trent HQ and the rest across its Malta and Gibraltar offices. The betting firm will shed 340 jobs in total Credit: Getty Former Chancellor Rachel Reeves increased gambling taxes Credit: PA The decision comes after the industry saw Betfred and William Hill owner Evoke make hundreds of shop closures after levies were hiked. Labour increased the Remote Gaming Duty which came in at the Budget which went up from 21 per cent to 40 per cent in April this year. Sign up for the Politics newsletter Thank you! The three hundred jobs will be lost at its main base across trading and operations roles. Their main hub in Staffordshire currently employs around 5,500 people. A source said: “These are strategic decisions taken to secure the business’s long-term future. “We are facing global headwinds which include regulatory, tax, and wider business costs. “For example, the tax increases announced in last year’s Budget have had a major impact that has had to be mitigated. “Our primary aim is to manage this restructure sensitively, actively looking to minimise overall job losses wherever possible, which is why we are leading with a voluntary approach.” The Sun’s Save Our Bets campaign urged ministers not to raise betting duties at the Budget. Most read in The Sun We’re backing bookies and betting fans A bet365 spokesperson, said: “As an international business, we continually review and assess our operations to ensure the business’ long-term future. “We are currently facing a highly competitive trading environment, plus increased regulatory and tax-related costs. “As a result we are restructuring some of our locations this year. “Ultimately, this will result in a reduction of approximately 340 roles across our European hubs, which is the equivalent of around three per cent of the workforce. “We are committed to minimising the impact on our people and are exploring all avenues to reduce the number of redundancies. “As a first step, we are planning a programme of voluntary redundancies. “Our colleagues are our priority. We understand the concerns many will have. Impacted staff have been informed and are being fully supported throughout this process.” 4 comments4