Betfred co-founder and chairman Fred Done said the company could close all 1,287 of its UK shops if gambling taxes rise. Done said a tax rate of 35% or 40% would leave the business unprofitable and put about 7,500 jobs at risk; he also said 300 shops currently lose money and a 5% tax increase would raise that figure to 430.
Betfred’s warning highlights possible shop closures and job risks if UK gambling taxes rise.
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Betfred chairman and co-founder Fred Done warned that a proposed UK gambling tax increase could force the company to close nearly 1,300 betting shops. He said more than 7,000 jobs could be affected, while the company’s competitors have also raised concerns about the potential tax change.
Flutter, owner of Paddy Power, Sky Bet and FanDuel, announced on Tuesday it will cut about 15% of its workforce in the UK and Ireland, affecting up to 1,400 staff. The company said the restructuring responds to steep online gambling tax increases announced in last November's UK Budget. Flutter put the reorganisation cost at $80m to $90m.
Rank Group chief executive Richard Harris warned that higher gambling taxes could threaten bingo halls and casinos in Britain. The company reported gaming revenue of £835 million for the year to June 2026, up 5%, while profit after tax fell 23% to £29.9 million. Rank said any increase in Machine Games Duty could reduce venue viability and tax receipts within 12 months.
HM Treasury has rejected blame after Betfred announced the closure of over 130 shops. The dispute follows industry claims that tax rises are responsible for the closures. Betfred operates more than 1,200 betting shops across the UK.
Inspired CEO Brooks Pierce remained positive about the company’s projected UK performance despite a sharp increase in remote gaming duty, according to the report. The available text gives no further details on the company’s outlook or the tax change.