Bet365 has confirmed plans to reduce its workforce by approximately 340 positions due to rising regulatory and tax-related expenses. This decision represents about 3% of the company's total staff and will affect locations in Stoke-on-Trent, Malta, and Gibraltar.
The global operator cited a challenging trading landscape coupled with escalating costs as the rationale behind this workforce reduction. A spokesperson for Bet365 emphasized the company's commitment to mitigating the impact of these layoffs, stating that they are actively seeking ways to minimize job losses and assist those impacted.
"We are committed to minimising the impact on our people and are exploring all avenues to reduce the number of redundancies," the spokesperson explained. They also announced plans for a voluntary redundancy program as a first step toward addressing the situation. "Our colleagues are our priority. We understand the concerns many will have. Impacted staff have been informed and are being fully supported throughout this process."
The UK government’s near doubling of the remote gaming duty, which rose from 21% to 40% on April 1, 2023, has heavily influenced Bet365’s decision. Additionally, a new remote betting duty will be implemented in April 2027, increasing the effective tax rate on most sports betting products, aside from horse racing, from 15% to 25%.
In response to the same tax pressures, several other companies in the sector have also announced significant cutbacks. In March, William Hill indicated it would permanently close about 200 retail shops in the UK, which constitutes roughly 15% of Evoke's retail estate. Betfred followed suit last month with plans to close 132 of its betting shops, resulting in more than 600 job losses. CEO Jo Whittaker stated, "We have tried hard to protect all our sites and the colleagues who work in them, but the combined impact of higher employer National Insurance contributions, wage inflation, increases in gambling taxes, and wider economic uncertainty has left us with no choice."
