Betfred says tax rise would force it to close all of its shops

Betfred has said it will close all 1,287 of its betting shops if Rachel Reeves raises taxes on the gambling industry in next month’s budget.

- Kalyeena Makortoff

There is speculation that the chancellor is considering a tax increase worth up to £3.2bn on sports betting to help close a potential £30bn shortfall in the public finances.

Betfred said such a tax increase would ultimately force all its shops to close, putting 7,500 jobs at risk.

Fred Done, the billionaire chair who co-founded Betfred with his brother in 1967, told the BBC: “If [the tax rate] went up to anywhere like 40%, or even 35%, there is no profit in the business. We would have to close it down. I’m talking job losses. We're talking probably 7,500.”