Bet365 has announced plans to eliminate around 340 positions, which constitutes about 3% of its total workforce. The job cuts will be implemented across the company's offices located in Stoke-on-Trent, Malta, and Gibraltar.
The decision to cut jobs stems from the challenges posed by a "highly competitive trading environment" and rising regulatory and tax-related expenses. A spokesperson for Bet365 emphasized the company's focus on minimizing the number of layoffs and providing assistance to affected employees.
To that end, Bet365 plans to initiate a voluntary redundancy program as a first measure. "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 spokesperson stated.
The UK government's recent tax increases have significantly impacted the gaming sector, with Bet365 highlighting the escalated remote gaming duty, which jumped from 21% to 40% on April 1. Furthermore, a new remote betting duty is anticipated to take effect in April 2027, raising the effective tax rate for all sports betting products, except horse racing, from 15% to 25%.
In light of these tax hikes, several other operators have begun reducing their physical footprint. In March, William Hill informed its staff about plans to close approximately 200 retail shops in the UK, marking a reduction of about 15% of Evoke’s retail locations. Last month, Betfred also revealed intentions to close 132 UK betting shops, which would result in a workforce reduction of over 600 employees. Betfred's CEO, Jo Whittaker, expressed the difficulty of this decision, citing factors such as increased National Insurance contributions, wage inflation, gambling taxes, and broader economic uncertainties as contributing to this outcome.
