Betfred Warns It May Close All 1,287 Betting Shops Amid UK Tax Hike Plans

^{Pictured: Fred Done, founder of Betfred}

UK bookmaker Betfred has warned it could close all of its 1,287 betting shops if the government goes ahead with plans to increase gambling taxes, The Guardian reports.

The UK Treasury is considering raising the tax rate on sports betting from 15% to 30%, and on online slots from 20% to 50%.

The proposal has been backed by former Prime Minister Gordon Brown, who estimated the measures could bring an additional £3.2 billion ($4.3 billion) in annual tax revenue.

Betfred founder and chairman Fred Done said that such an increase would push the company to the brink of survival. According to him, if the tax rate rises to 35–40%, betting shops will no longer be profitable.

“We’ll have to close down. It would mean the loss of 7,500 jobs,” Done said.

Betfred CEO Joanne Whittaker echoed the concern, stating: “The most worrying thing is that we could lose our entire retail business. This is not panic or exaggeration.”

Other major operators have also warned about the impact of potential tax increases. William Hill said it may have to close up to 200 shops, affecting about 1,500 employees, while Entain CEO Stella David cautioned that higher taxes would lead to reduced investment and capital flight abroad.

A Treasury spokesperson declined to comment on the ongoing discussions but noted that the review aims to unify gambling tax rules and reduce administrative costs for businesses.