Betfred says all its shops may close if Reeves hikes gambling tax

""It [tax] doesn't even need to go up to 50%. If it 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. We're talking probably 7,500,""

""I do think there is a case for gambling firms paying more they should pay their fair share of taxes and we will make sure that happens.""

""economically reckless""

Betfred's co-founder and chairman warned that a rise in gambling taxes could lead to closure of all 1,287 Betfred shops, putting roughly 7,500 jobs at risk. The chairman described tax rises as the "biggest threat" to the industry in his 57 years. Chancellor Rachel Reeves has indicated gambling firms should pay more tax, supported by suggestions from Gordon Brown to use revenue to reduce child poverty. The IPPR estimated higher taxes up to 50% could raise £3.2bn. The Betting and Gaming Council warned such plans are "economically reckless" and could push gamblers into the black market. William Hill and other operators have also warned of retail closures and rising shop losses if taxes increase.

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