Betfred is set to close 132 betting shops across the UK, with more than 600 jobs expected to be affected as the bookmaker looks to reduce costs in response to rising taxes and increasing economic pressures.

The Warrington-based operator confirmed it has begun a consultation process ahead of the planned closures, which are due to start in September. Once complete, Betfred will still operate around 1,100 betting shops across the UK.

The announcement makes Betfred the latest major bookmaker to reduce its retail estate, following similar moves by William Hill and Paddy Power over the past year.

Why is Betfred Closing Shops?

According to Betfred, the decision comes after a combination of rising operating costs and changes to gambling taxation.

Chief executive Jo Whittaker said the company had worked hard to protect its shops and employees, but increasing employer National Insurance contributions, wage inflation, higher gambling taxes and wider economic uncertainty meant the business had reached a point where closures were unavoidable.

Fred Done, who co-founded Betfred with his brother Peter in 1967, has previously described the recent tax changes as the biggest challenge the betting industry has faced during his time in the business.

The latest Budget included significant increases to remote gaming duty, while a new online sports betting duty is also due to be introduced from 2027.

Another Blow for the High Street

The closures continue a trend that has seen betting shop numbers fall across the UK over recent years.

Earlier this year, William Hill owner Evoke announced further shop closures as part of wider cost-cutting measures. Paddy Power also confirmed plans to shut dozens of betting shops, with hundreds of jobs affected.

While many customers now place bets online or through mobile apps, betting shops still play an important role for many racing fans, particularly on major festival days and weekend meetings.

Betfred Still Investing in Horse Racing Offers

Although Betfred is reducing its retail footprint, the bookmaker continues to be one of the strongest operators when it comes to horse racing promotions.

One of the biggest attractions for racing fans is its daily extra place races. These promotions increase the number of places paid on selected each-way markets, giving punters an extra chance of collecting if their selection finishes just outside the standard place terms.

We update our list of Betfred Extra Places every morning, making it easy to see which races qualify before placing your bets.

Alongside extra place promotions, Betfred also regularly offers Best Odds Guaranteed on UK and Irish racing, selected international meetings, Free Bet if 2nd promotions on nominated races and bonuses for Lucky 15, Lucky 31 and Lucky 63 bets.

For existing customers, there are frequent football, horse racing, greyhound and in-play promotions throughout the week, while new customers can also take advantage of the bookmaker’s latest welcome offer.

What Happens Next?

The consultation process with affected staff is expected to begin ahead of the first closures in September.

For customers, the biggest change will be fewer Betfred betting shops on the high street, although the bookmaker’s online sportsbook and regular promotions will continue as normal.

With around 1,100 shops still expected to remain open after the closures, Betfred will continue to have one of the largest retail betting estates in the UK.

The post Betfred to Close 132 Betting Shops appeared first on Which Bookie.