Betfred Exploring Closing All UK Shops in Gambling Taxes Battle

Betfred is weighing up the drastic measure of shutting down its entire UK retail business. All 1,287 betting shops could disappear from the high street, putting as many as 7,500 jobs at risk.

Currently, the UK betting industry are bracing themselves for the worst with the Chancellor of the Exchequer Rachel Reeves widely expected to announce a hike in gambling taxes in her budget in November. It is thought that Remote Gambling Duty (RGD) could soar from 21% to 50%.

The Institute for Public Policy Research (IPPR) think tank suggested over the summer that the additional taxes could raise as much as £3.2 billion to fill a significant black hole in the government finances. However, Betfred are worried that the industry could be decimated by the proposed changes.

What has Betfred said?

The rise in gambling taxes represents a grave threat to Betfred. As things stand, 300 of its betting shops are losing money, and a substantive increase in taxes would take that number to 430.

Betfred founder Fred Done was quite frank in his assessment of the situation. The Done family were the second-largest taxpayer in Britain, contributing £237.4 million this year according to the Sunday Times Tax List, and Done has revealed how the gambling tax issue could curtail the retail arm of the Betfred operation.

He said: “If the tax rate went up to anywhere like 40%, or even 35%, there is no profit in the business. We would have to close it down. I’m talking job losses.”

“I think this is the biggest threat I have known since I’ve been in the industry. On a 1-10 scale it’s a ten, all the alarm bells are ringing here.”

In the same boat as other betting companies?

Betfred isn’t the only betting company that has voiced its fears over the proposed gambling tax changes. William Hill’s owner, Evoke, has admitted that it is mulling over closing 200 betting shops, while Paddy Power is poised to pull the plug on 57 betting shops across UK and Ireland.

A Flutter spokesperson said: “We are continually reviewing our high street estate, but it remains a key part of our offer to customers, and we are seeking to innovate and invest where we can as we adapt to different customer trends and needs.

“While today’s closures are not directly related to the uncertainty surrounding the budget, a higher gambling tax could have a significant impact on jobs across the industry and drive more customers into the arms of unlicensed operators on the illegal black market.”

Battle over gambling taxes intensifying

The battle over gambling taxes has reached fever pitch, and it has been a debate that has incurred the wrath of betting operators and MPs alike. Share prices in the betting industry tumbled in August and September, and Betfred’s most recent financial results weren’t so flattering. While they took in nearly £1 billion of revenue, they made an operating profit of just £500,000.

Reeves has put herself on awkward footing ahead of her budget announcement, and Betfred’s CEO, Joanne Whittaker, has echoed Done’s comments, insisting the situation surrounding the gambling giant isn’t trying to scaremonger.

She said: “The most frightening element is we’re going to lose the whole retail business. I’m not scaremongering… I’m not being alarmist.”

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