Betfred says gambling tax rise would force it to shut all its UK shops

"Betfred has said it will close all 1,287 of its high street betting shops if chancellor Rachel Reeves raises taxes on the gambling industry in next month's budget. The company's threat comes amid speculation that the chancellor is considering a tax increase worth up to 3.2bn on sports betting to help to close a potential 30bn shortfall in the public finances. Betfred said tax increases would ultimately force all its shops to close, putting 7,500 jobs at risk. Fred Done, the billionaire chair who co-founded Betfred with his brother in 1967, said the tax rate on the industry doesn't even need to go up to 50%."

"He told the BBC: 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. Betfred's chief executive, Joanne Whittaker, told the Sunday Times: The most frightening element is we're going to lose the whole retail business. I'm not scaremongering I'm not being alarmist."

"The gambling industry has been ramping up its lobbying efforts amid intense speculation that Reeves could raise taxes on sports betting firms to 30%, from current levels of 15%, and on online slots from 20% to 50%. Gordon Brown, the former prime minister, has pushed for the changes. The Institute for Public Policy Research thinktank, which has close links to Labour, estimates that such an increase could raise 3.2bn. Brown argued that the extra revenue could be used to alleviate child poverty across the UK, and noted that excluding the lottery the 11.5bn betting and gaming industry only paid 2.5bn in tax last year."

Betfred warned that proposed increases to gambling taxes would force the closure of all 1,287 high‑street betting shops, putting roughly 7,500 jobs at risk. Company leaders said tax rises to around 35–40% would eliminate profitability in retail operations. The proposal under consideration could raise taxes on sports betting from 15% to 30% and on online slots from 20% to 50%, with an estimated revenue boost of about £3.2bn. Former prime minister Gordon Brown and the IPPR have advocated higher taxation to fund social measures. Rival operators have also warned of shop closures and shifted investment risks.

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