Flutter Entertainment has initiated a review of its UK betting-shop closures as part of its cost-cutting strategy. The company plans to reduce its presence by exiting locations that offer low returns. This announcement coincided with Betfred's confirmation of shutting down 132 shops across the UK.
Details regarding the number of Flutter shops affected and which specific brands will be closing have not been disclosed, nor have closure dates been provided. This initiative is part of a broader Phase II savings program that aims to generate $500 million in savings from operating and capital expenses by 2029, in addition to the $500 million already targeted under Phase I. Previously, Flutter closed 57 Paddy Power locations in Ireland and the UK in October 2025.
This move comes on the heels of increased gambling taxes in the UK, where the Remote Gaming Duty tax rose from 21% to 40% in April. Flutter estimates that this tax hike will reduce its adjusted EBITDA by about $320 million for 2026 and will have an initial mitigation impact of approximately $85 million.
From September 2017 to September 2025, the number of betting shops in the UK and Ireland plummeted from 9,977 to 6,668, indicating a decline of roughly one-third in total locations. Betfred's decision to close 132 shops could lead to over 600 job cuts. Other companies like William Hill have also indicated potential shutdowns in response to the new tax landscape. For many operators, this trend suggests a shift towards focusing on more profitable outlets rather than maintaining extensive networks of betting shops.
While Flutter has yet to provide detailed information about the upcoming closures, it is anticipated that more details will be shared during the Q3 earnings announcement in November. Despite these changes, Flutter's business performance in the UK and Ireland remains relatively stable, showing a 4% revenue increase in Q2, which highlights that the strategy emphasizes closing underperforming stores without withdrawing entirely from the retail sector.
