BETFRED TO CLOSE 132 SHOPS AND CUT 600 JOBS

Betfred will close 132 betting shops and reduce its workforce by 600 staff members, the gambling company announced. The closures represent approximately 10 per cent of Betfred's estate of more than 1,300 shops. Chief executive Jo Whittaker cited high costs as making it "impossible" to maintain the affected sites. The company has begun a consultation period with staff regarding the redundancies.

Betfred cited increased taxation and employment costs as reasons for the decision. Former Chancellor Rachel Reeves raised tax on online gaming to 40 per cent from 21 per cent and on sports betting to 25 per cent from 15 per cent. The Office for Budget Responsibility forecast that gambling tax receipts would increase by 4.1 per cent to £3.8 billion in the current financial year. Rival operators have also announced closures and job losses, including Ladbrokes owner Entain and William Hill operator Evoke.

Betfred is owned by founder Fred Done. The announcement reflects wider pressure on the betting industry following the tax increases introduced by the previous Labour government. The consultation with affected staff will determine the final implementation of the closures.