Betfred Closes 132 Shops, 600 Jobs at Risk Due to Regulatory Pressure

Betfred has announced it is closing 132 shops, about 10% of its UK retail network, putting up to 600 jobs at risk. The company cited a 'tougher fiscal and regulatory environment' as the reason for the closures. Betfred CEO Jo Whittaker expressed regret over the decision, stating that the current environment has made it impossible to keep trading all its shops.

This move follows recent warnings from Betfred's co-founder, Fred Done, who suggested that the company could eventually shutter its entire betting shop business. Done's comments came as part of a broader trend among British gambling companies to scale down physical operations due to increasing regulatory pressures and economic issues.

The closures will directly impact revenues received by horse racing, with each shop estimated to contribute £31,000. Betfred has not yet committed to a wholesale closure of its betting shops, but the trend of shutting down shops has been evident in recent years. In 2017, the company operated 1,680 shops, and the latest reduction brings the number down to 1,094.