Bet365 has announced plans to eliminate approximately 340 positions within the company as the impact of rising regulatory and tax-related expenses takes its toll. This reduction accounts for around 3% of its total workforce and will affect employees at its locations in Stoke-on-Trent, Malta, and Gibraltar.
The company cited a shifting competitive landscape and increased regulatory pressures as driving factors behind the layoffs. A spokesperson for Bet365 emphasized that the organization is dedicated to minimizing the number of job losses and providing support to those affected by these changes.
"We are committed to minimizing the impact on our people and are exploring all avenues to reduce the number of redundancies," said the spokesperson. "As a first step, we are planning a programme of voluntary redundancies."
Addressing concerns from employees, the spokesperson added, "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 job cuts come amid ongoing challenges within the UK gambling sector, exacerbated by substantial tax increases. Bet365 noted the effects of the UK government’s decision to nearly double the remote gaming duty from 21% to 40%, effective April 1 this year. Furthermore, the introduction of a new remote betting duty, set to take effect in April 2027, will elevate the effective tax rate from 15% to 25% on all sports betting products, with the exception of horse racing.
In light of these tax hikes, other operators in the sector have also indicated plans to downsize. William Hill recently informed employees of its intention to permanently close around 200 retail outlets in the UK, representing roughly 15% of Evoke’s retail estate. Betfred, similarly, revealed plans to close 132 betting shops in the UK, impacting over 600 staff members. Betfred 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."
