Thousands of job losses, hundreds of closed shops and millions lost in racing funding: the cost of last year's tax rises
The UK betting industry is facing significant job losses and shop closures following recent tax increases on gambling. Industry leaders warn that further tax hikes could cause additional closures and negatively impact the funding of horse racing.
Why it matters
The report illustrates the economic tension between government tax policy and the sustainability of the gambling and sports-funding sectors.
Like racing, betting shops were seemingly spared in last year’s budget, with tax rises targeted at online gambling.
However, with bookmakers stressing that the tax hike would hit all elements of their businesses, betting shops have been caught in the crossfire with William Hill, Betfred, Paddy Power and Entain all shuttering outlets.
Since last November, 600 betting shops have closed or are in the process of closing. This includes 132 shops operated by Betfred, whose founder Fred Done offered the starkest comment about their demise.
Speaking in July, Done said: “It’s taken me 60 years to build this chain up and we built it up to 1,650 shops. After the closure of these [shops] we’ll be at 1,090, so we’ll have closed 600 shops over the last six years. It’s like killing your own babies.
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