UK bookie Betfred to shut 132 betting shops amid cost pressures

British bookmaker Betfred will close 132 betting shops across the United Kingdom, placing about 600 jobs at risk as rising taxes and employment costs continue to reshape the country’s retail wagering sector.

The closures, representing just over 10 per cent of Betfred’s retail network, will begin later this year following a staff consultation, reducing the company’s estate to about 1100 outlets from a peak of almost 1700 in 2017.

The cuts are also expected to affect British racing’s finances, with each betting shop contributing about £30,000 a year through levy and media rights payments, meaning the closures could reduce annual funding to the sport by about £4 million.

Betfred attributed the decision to rising employer National Insurance contributions, wage inflation, increasing gambling taxes and broader economic pressures, while the move follows similar retail rationalisation by rivals including William Hill and Paddy Power.

The company is also reportedly exploring an expansion into adult gaming centres by converting some betting shops into slot arcades, a strategy that would diversify its land-based operations despite ongoing political scrutiny and the prospect of higher taxes on gaming machines.