Bet365 has officially announced its decision to eliminate approximately 340 jobs, accounting for about 3% of its total workforce, in response to rising regulatory and tax burdens. These layoffs will affect employees across its locations in Stoke-on-Trent, Malta, and Gibraltar.
The company cited a "highly competitive trading environment" coupled with increased regulatory and tax-related expenses as the reasons behind this difficult choice. In an effort to mitigate the situation, a spokesperson for Bet365 stated that the organization is dedicated to minimizing job losses and providing support for 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 said. Bet365 is initiating a program of voluntary redundancies 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," they added.
The job cuts come amidst rising tax pressures in the UK gaming sector, particularly following the government's decision to nearly double the remote gaming duty from 21% to 40% on April 1, 2023. Furthermore, a new remote betting duty set to take effect in April 2027 will increase the effective tax rate on sports betting products, excluding horse racing, from 15% to 25%.
Other gaming operators are also responding to the increasingly burdensome tax landscape, with several announcing retail shop closures. For instance, in March, William Hill informed employees of plans to shutter approximately 200 of its UK shops, representing about 15% of Evoke’s retail estate. Likewise, Betfred revealed intentions to close 132 betting shops across the UK, leading to a cut of over 600 jobs. Betfred's 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.”
