Betfred is shutting 132 shops and cutting over 600 jobs this September, citing soaring taxes and economic instability as the main drivers — a move that slashes a tenth of its UK betting locations. Founded in 1967 by brothers Fred and Peter Done, the company says it exhausted every option to keep all stores open, but rising costs, wage inflation, and new gambling duties made it impossible. Fred Done calls these tax hikes the biggest challenge the industry has faced in 60 years. The closures mirror struggles across the sector, with rivals like Paddy Power and William Hill also cutting staff and shops — signaling a tough time for traditional betting shops.
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