Sun, 19 Oct 2025

Sun, 19 Oct 2025 Betfred says all its shops may close if Reeves hikes gambling tax

The company's co-founder says it would be forced to close all its sites, putting 7,500 jobs at risk, if gambling taxes go up.
A 5% increase in tax would make 430 of their shops unprofitable, while a 35-40% increase would force the closure of all stores. Done says that gamblers will still bet, but they'll go offshore to bookmakers who don't pay UK taxes. Punters' winnings are not taxed in the UK, nor is VAT charged on bets. However, gambling industry pays extra taxes. Betfred's recent annual results show nearly £1bn revenue and an operating profit of just £500,000 after writedowns. Done believes that tax increases would decimate the UK High Street, with 20 years of life left for betting shops. Critics argue that higher taxes are needed to reflect the negative consequences of gambling on some people. GambleAware calls for further regulation on advertising to protect children and young people. Betfred's appeal to keep taxes as they are is "odds on" against winning over Chancellor Reeves.
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